Funding Standard Account
Approach in pension plan funding under which a separate account is maintained for comparing actual contributions to the plan with the minimum contributions required to meet future employee benefit liabilities. This account acts as a reservoir in that it can store excess contributions above the minimum required. It also allows excess contributions to accumulate at interest and then applies these accrued contributions to reduce the minimum required future contributions.
Popular Insurance Terms
Amount of insurance coverage that an insurance company is willing to write on a given category of business. ...
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Failure to act with the legally required degree of care for others, resulting in harm to them. ...
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