Multiple Retirement Ages
Definition of "Multiple retirement ages"
Arrangement by which an employee can retire and receive full benefits without reduction, or reduced benefits subject to a penalty. These ages can be classified in the following manner:
- normal retirement earliest an employee can retire and receive full benefits, having reached a minimum age with a minimum number of years of service.
- early retirement earliest an employee can retire, having reached a minimum age and a minimum number of years of service, but with a penalty in the form of a reduction in benefits. The reduction is usually a percentage of benefit subtracted for each month of retirement earlier than the normal retirement age.
- deferred retirement work beyond the normal retirement age. This may or may not result in an increase of benefits.
Popular Insurance Terms
Process whereby a ceding company resumes the insuring of a portfolio of insurance policies which it had previously CEDED to a REINSURER. ...
Policy similar to that of an individual universal life insurance policy except that the coverage is provided (up to a limit) without the requirement of the submission of evidence of ...
Means of borrowing at no charge by a policyowner under universal life insurance policies. ...
Money the policyowner is entitled to receive from the insurance company upon surrendering a life insurance policy with cash value. The sum is the cash value stated in the money the ...
Arrangement by which two or more employers form a coalition to offer a health plan to their employees. The purpose of the coalition is not to purchase health insurance. The MEWAs can be ...
Probability of loss upon which a basic premium rate is calculated. ...
Technique of loss control and reduction of losses in insurance. Supporters of this method believe that the safety attitudes of individuals determine the safety precautions they take. The ...
Insurance for accountants covering liability lawsuits arising from their professional activities. For example, an investor bases a buying decision on the balance sheet of a company's annual ...
Method of calculating the primary insurance amount (PIA) for Social Security benefits. Employees' covered monthly earnings are adjusted to reflect changes in the national average annual ...
Have a question or comment?
We're here to help.