Entitlement of a pension plan participant (employee) to receive full benefits at normal retirement age, or a reduced benefit upon early retirement, whether or not the participant still works for the same employer. The employee retirement income security act of 1974 (erisa) mandates vesting under one of these rules: FORTY-FIVE YEAR RULE; FIVE TO FIFTEEN YEAR RULE; TEN YEAR RULEOn January 1, 1989, under the TAX REFORM ACT OF 1986, the above vesting requirements were replaced with the following: full vesting (100%) after a participant completes five years of service with an employer; or vesting of 20% after completion of three years of service with an employer, increasing by 20% for each year of service thereafter, until 100% vesting is achieved at the end of seven years of service.
Popular Insurance Terms
Authorization to borrow from the U.S. Treasury by the issuance of notes to the Treasury. The Secretary of the Treasury must approve the notes and their interest rates. The PBGC must be self ...
Attachment to a property insurance policy to protect the interest of the mortgagee in the mortgaged property. If the property is damaged or destroyed, the mortgagee is indemnified up to his ...
Additional amount of accidental death and dismemberment insurance not provided by the employee benefit plan (standard group life plan) that may be chosen by the employee. Generally, the ...
Federal statute that permits the self-employed a 100% tax deduction for the family health care expenses to include health insurance premiums, disability INCOME insurance premiums, and ...
Authority derived from an agent's contract with an insurance company. ...
Hospital charges in addition to room and board. Miscellaneous expenses are covered under a basic hospital plan, with the limits of coverage expressed either as a multiple of the daily ...
Insurance policies covering various business risks. ...
Total of operating income plus realized capital gains (losses) from investment and underwriting operations minus federal income taxes. ...
Same as term Office Burglary and Robbery Insurance: coverage for the office of a business, or an individual in a general office building or other structure. Includes burglary of a safe; ...
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