Deferred Compensation Plan
Means of supplementing an executive's retirement benefits by deferring a portion of his or her current earnings. Deferring income in this manner encourages the loyalty of executives. To qualify for a tax advantage, the IRS requires a written agreement between an executive and the employer stating the specified period of deferral of income. An election by an executive to defer income must be irrevocable and must be made prior to performing the service for which income deferral is sought.
Popular Insurance Terms
Risk-creating device as compared with insurance, which is a risk-reducing or -eliminating device. This is a form of speculative risk. ...
Package coverage for a dwelling and its contents, barns, stables, and other land structures as well as liability coverage. By means of a number of special forms that follow the format of ...
Employee's full entitlement, with no waiting period, to benefits under a pension or retirement plan. In the case of a contributory plan, there is immediate vesting of the employee's own ...
cost of annuity based on expectation of life of the annuitant and the expense and profit loadings of the insurance company. ...
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a contract in life insurance that includes elements of whole life and term insurance. in pensions, a combined life insurance policy and a side (auxiliary) fund to enhance the amount of a ...
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