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
Method of underwriting by which one or a group of Lloyd's underwriters write business on behalf of a number of Lloyd's syndicates and other insurance companies. Among the benefits of ...
Coverage of two or more persons with the death benefit payable at the first death. Premiums are significantly higher than for policies that insure one person, since the probability of ...
Organization based in Washington, D.C., that is composed of risk and insurance managers of various public entities, to include municipalities and school boards. ...
Insurance arrangement in which all employees of a given business firm are accepted into a plan regardless of their physical condition. The employee cannot be required to take a physical ...
Use of engineering approved fire resistive construction materials exclusively within a structure. ...
Same as term Mortality Table: chart showing rate of death at each age in terms of number of deaths per thousand. ...
Coverage provided by the pension benefit guaranty corporation (pbgc) that guarantees participants a certain level of pension benefits even if the plan terminates without assets. The PBGC ...
Group arrangement in which a network of attorneys provides legal services to the participants in the plan with the attorney fees being reimbursed by the provider. The attorneys who are ...
Legal status giving an insurance company all rights to an insured's property. The abandonment clause is usually found in marine insurance and not in other property insurance policies such ...
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