Pension Plans: Withdrawal Benefits
Definition of "Pension plans: withdrawal benefits"
Rights of employees who leave an employer with a qualified plan to withdraw their accumulated benefits. With a contributory plan, employees have immediate rights to their own contributions, plus earnings. If they leave the employer, the accumulated money belongs to them. But they are not entitled to employer contributions, unless vested, vesting depends on the terms of the plan, but maximum time limits are set by law. A vested employee who withdraws accumulated benefits upon separation may either pay tax on the amount contributed by the employer and spend it, or roll it over into an individual retirement account (IRA).
Popular Insurance Terms
Legislation providing that, to the extent that all deductible medical care expenses exceed 7.5% of the taxpayer's adjusted gross income (AGI), expenses not reimbursed under qualified ...
Life insurance policy provision under which the policyholder may apply the accumulated cash value, in the form of a single premium payment, to pay up the policy or to mature the policy as ...
Initial reserve plus the terminal reserve divided by two for any year of valuation. ...
Term used in the reinsuring of disability income insurance policies in that, after an extended period of time expires (in addition to the elimination period found in the disability income ...
Offset or subtraction of Social Security benefits from earned benefits in a qualified pension plan to reduce a pension benefit. Many business firms offset their pension payments by the ...
Procedure, in insurance, used in time series analysis to smooth out irregularities in projections of loss expectations. Irregularities to be smoothed out include: loss experience that is ...
Estimate of the funds necessary to maintain the life-style of a family after the death of the wage earner. ...
Additional hazard associated with aeronautics other than that of being a passenger on a regularly scheduled airline. An extra premium is charged, and/or there are usually exclusions applied ...
Clause in the Standard Fire Policy and many other property insurance policies that excepts coverage for losses caused by riot or civil commotion. Coverage for riot and civil commotion can ...
Have a question or comment?
We're here to help.