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
Choice of beneficiary in which the death benefit of a life insurance policy is retained by the company to be paid as a series of installments of fixed dollar amounts per installment until ...
Tax assessed by the states as a payroll tax on employers to pay for unemployment compensation ...
Income supplement program under Social Security to provide a minimum monthly income to aged, blind, and disabled persons. The SSI payments, which were introduced in January 1974, make up ...
Bureau insurer that files its statistical and underwriting experience with a rating bureau. ...
Law that stipulates the minimum reserve the life insurance company must maintain for its life insurance policies and annuity contracts. This law was first developed by the NAIC as a method ...
Same as term: Additional Living Expense Insurance: coverage under a Homeowners, Condominium, and Renters policy, that reimburses costs of residing in a temporary location until the ...
Federal legislation passed in 1988 (repealed November 23, 1989) that significantly increased the benefit amounts provided under medicare, both Part A and Part B, in the following manner: ...
Coverage of a common carrier for liability on trucks that have delivered their cargo and are on the way back to the terminal. The company that hires the truck assumes liability while the ...
Risk that premiums will not be sufficient to cover future incurred losses and that losses and loss adjustment expenses' current reserves are not sufficient. ...
Have a question or comment?
We're here to help.