Pension Equity Plan (pep)
Modifications of the traditional defined benefit plan in which employees are credited with a specified percentage for each year of recognized service with the employer. Upon termination of service, the percentages are summed and multiplied times the final average pay. The resultant calculation is the employee's annual retirement benefit. These plans provide for an even accrual of the employee's retirement benefits and thus provide greater benefit for employees that have shorter periods of service.
Popular Insurance Terms
Employee of a state insurance department who audits statements of insurance companies to determine their continued solvency. ...
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Agreement among insurance companies through which a multinational employer is permitted to purchase employee benefits coverage's for two or more of its overseas subsidiaries under a single ...
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