Pension Plan Funding: Group Permanent Contract
Definition of "Pension plan funding: group permanent contract"
Insurance policy under which the value equals the benefits to be paid to the plan participants (employees) at normal retirement age, assuming that (1) their rate of earnings remains the same until normal retirement age, and (2) the contributions to the plan are sufficient to meet funding requirements for benefits under the plan. Adjustments to contributions are made as employee earnings increase. Retirement benefits depend on the benefit formula used, and the investment, mortality, and expense experience of the plan.
Popular Insurance Terms
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 ...
Insurance policy for which the required premium has been paid. ...
Over a long period of time, the average loss an individual, individuals, or an organization can expect to incur from a particular exposure. ...
Share of a variable dollar annuity paid to an annuitant as an income payment. ...
new dividend option under which the policyowner allows the dividends from the participating policy to be applied for the purposes of accumulating cash values. ...
in PERSONAL PROPERTY insurance, coverage is for personal property items that are movable, that is, not attached to the building's structure (the home), such as television sets, radios, ...
For loss of an obligee in the event that the principal fails to perform according to standards agreed upon between the obligee and the principal. ...
Legal case in which the United States Supreme Court held that pension assets are to be excluded from the bankruptcy estate of the plan participant. ...
One of four SEC divisions charged with regulating investment companies, investment advisers, and variable insurance products. The SEC requires variable insurance products to register with ...
Have a question or comment?
We're here to help.