Employee Retirement Income Security Act

 

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Employee Retirement Income Security Act

In the US, a federal law introduced for the protection of participants in private pension plans.



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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 This money is not subject to income tax for that year or following years as long as it is not withdrawn. The money is taxed as withdrawn upon retirement, usually when the depositor is in a lower tax bracket.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.


Normal retirement

Normal retirement

The age or number of working years after which a pension plan beneficiary can retire and receive unreduced benefits immediately.


Retirement 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.


Retirement Protection Act of 1994

Retirement Protection Act of 1994

Legislation designed to protect the pension benefits of workers and retirees by increasing required support of pension plans by employers.


Phased retirement

Phased retirement

The arrangement of a personal pension plan in segments to enable the policy holder to take a pension in stages. The lump sum entitlement is also phased. The policy holder may elect to phase the purchase of an annuity or to phase income drawdown (see personal pension plan).


Further Suggestions

retirement relief
unfunded unapproved retirement benefits scheme
normal retirement date
Individual Retirement Account (IRA)
Retirement
early retirement
Registered Retirement Savings Plan (RRSP)
Debt retirement
individual retirement account
Tax deferred retirement plans
normal retirement age
Bonds Enabling Annual Retirement Savings (BEARS)
Employee Retirement Income Security Act (ERISA)


 
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