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Employee Retirement Income Security Act (ERISA) |
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Employee Retirement Income Security Act (ERISA)The law that regulates the operation of private pensions and benefit plans.Employee Retirement Income Security Act (ERISA) Similar MatchesRetirement annuity contract (RAC)Retirement annuity contract (RAC)Prior to 30th June1988, people not in pensionable employment (employment where no pension scheme exists) or people who were self employed were able to qualify for tax relief for contributions made to a pension scheme known as a retirement annuity under sections 226 of the Income and Corporation Taxes Act 1970. Although RACs were replaced by personal pension plans from 1st July 1988 those already in force may continue to operate. Unfunded unapproved retirement benefits schemeUnfunded unapproved retirement benefits schemeAn unfunded occupational pension scheme that is not designed to be approved by the Pension Schemes Office. IRA (individual Retirement Account)IRA (individual Retirement Account)Savings programs available to individuals. The plans allow for a certain amount to be deposited each year. This money is not subject to income tax for that year or following years as long as it is not withdrawn. The money is taxed as withdrawn upon retirement, usually when the depositor is in a lower tax bracket. During the life of the account, the money may be put into various interest bearing investments. Securities dealers as well as banking institutions now offer IRA'S. Debt retirementDebt retirementThe complete repayment of debt. See: Sinking fund. Normal retirement ageNormal retirement ageThe age at which an individual normally retires (60 to 70 for men and 55 to 70 for women). Men qualify for the state pension at 65 and women currently qualify at 60. However the qualifying normal retirement age for women will be increasing depending on their date of birth, the scale applying for those born after 6th April 1950. For personal pension plans individuals may take retirement between the ages of 50 and 75 and for retirement annuities between the ages of 60 and 75. Further SuggestionsRegistered Retirement Savings Plan (RRSP)early retirement Normal retirement Retirement Protection Act of 1994 phased retirement Individual Retirement Account (IRA) individual retirement account normal retirement date Retirement retirement relief Employee Retirement Income Security Act Tax deferred retirement plans Bonds Enabling Annual Retirement Savings (BEARS) |
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