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
States that preclude the placement of surplus lines with particular insurance companies. ...
In general, a civil wrong, other than breach of contract, for which a court will provide a remedy in the form of a suit for damages. Torts include negligent acts or omissions on the part of ...
Statement by an auditor or certified public accountant indicating if a company's financial statements fairly present its true financial condition. A statement of opinion may be unqualified, ...
Types of reinsurance instruments under which the amount of risk transferred is more limited than under traditional risk reinsurance instruments. The limitations on risk transfer take the ...
Addition to a property policy providing coverage for a specified amount. This endorsement is typically used for an unusual or valuable piece of property that does not fit standard ...
Instrument that uses noncombustible substances such as carbon dioxide to deprive a fire of oxygen, thereby extinguishing it. ...
Total amount of insurance coverage available for an insured. ...
Improvements or renovations to a leased business or residential property made by a tenant to meet its particular needs. Loss of use of these improvements as a result of damage is covered by ...
Model act written and published by the national association of insurance commissioners (naic) whose purpose it is to regulate brokers who control insurance companies. The act permits the ...
Have a question or comment?
We're here to help.