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
Insurance coverages for businesses, commercial institutions, and professional organizations, as contrasted with personal insurance. ...
Policy provision that provides coverage for continuing payroll expense of all employees of an insured business (except for officers and executives) for the first specified number of days of ...
Life insurance company agency that sells ordinary life insurance and industrial life insurance. ...
Record of debit or industrial insurance policies. ...
Method of accident prevention whose objective is to detect system-component deficiencies that have the potential for causing accidents. ...
Company that provides access to the internet through electronic communications. ...
Negligent acts or omissions that result in actual or imagined bodily injury and/or property damage to a third party, who brings suit against a business firm and its representatives ...
Same as term Basic Limit of Liability: required minimum amounts of coverage that an insurance company will underwrite. For example, for auto liability coverage the minimum that many ...
Nonparticipating life insurance under which the first few annual premiums are smaller than would be the case under a traditional nonparticipating policy. While the maximum amount of these ...
Have a question or comment?
We're here to help.