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
Coverage of an employee group whose members receive a monthly disability income benefit, subject to a maximum amount, if illness or accident prevents a member from performing the normal ...
Number of times an accident occurs. Used in predicting losses upon which premiums are based. ...
Procedure to minimize the adverse effect of a possible financial loss by (1) identifying potential sources of loss; (2) measuring the financial consequences of a loss occurring; and (3) ...
Company organized with the business objective of providing claims adjustment services to insurance companies that do not have an internal claims department. ...
Method of transferring risk to permit the risk bearer to assume two offsetting positions at the same time so that, regardless of the outcome of an event, the risk bearer is left in a no ...
Documents completed by the agent to effect authorization to act on behalf of the company. ...
Practice of selling those securities whose price has increased and retaining those securities whose price has declined. The securities that have declined are listed at their amortized value ...
List of the values of specific medical procedures in comparison with other medical procedures. ...
Transportation firm that must carry any customer's goods if the customer is willing to pay. Common carriers include trucking companies, bus lines, and airlines. ...
Have a question or comment?
We're here to help.