Individual Policy Pension Trust
Definition of "Individual policy pension trust"
Type of pension plan in which the employer (if noncontributory plan) or the employer and employee (if contributory plan) make level annual premium payments to fund the future retirement benefits, through an individual deferred annuity, of the employee. Also funded in this manner is a separate life insurance policy on each employee. (This policy is usually held in the trust.)
Popular Insurance Terms
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Employee benefit insurance plan whose objective is to provide the retired employee with life insurance. This group life insurance product is composed of two basic parts: annually renewable ...
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