Secure Money Annuity Or Retirement Trust (smart)
Definition of "Secure money annuity or retirement trust (smart)"
Proposed new small business pension plan advocated in President Clinton's administration's fiscal year 1999 budget. This plan would be made available to small businesses with 100 or fewer employees that do not currently provide employees with a defined benefit plan or a defined contribution plan (money purchase plan). In order to qualify for this new pension plan, neither a defined benefit plan nor a defined contribution plan could have been offered by the business to its employees during the previous five years.
Popular Insurance Terms
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Entitlement to pension benefits without a reduction, even though an employee is no longer in the service of an employer at retirement. For example, under the ten year vesting rule, an ...
Central computerized facility that keeps on file the health history of the applicants for life and health insurance with member MIB companies. For example, the health record of an applicant ...
Provision in almost all excess of loss reinsurance contracts under which payment is made by a re insurer of each and every loss incurred by the cedent in excess of a specified sum, up to a ...
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One of four SEC divisions that enforces the federal securities laws in federal courts and before SEC's administrative law judges by bringing actions for violations. ...
Option under a participating life insurance policy in which dividends are left on deposit with the company to accumulate at a specified interest rate. If this option is chosen, it is ...
Inverse of the actuarial present value of a life annuity, taking the employee's life expectancy into account, to commence income payments at the normal retirement age of the employee. It is ...
Method of funding a pension plan under which a single premium payment is made to fund a single unit of benefit for one year of recognized service with the employer. For example, if the ...
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