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Employee Retirement Income Security Act |
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Employee Retirement Income Security ActIn the US, a federal law introduced for the protection of participants in private pension plans.Similar MatchesPhased retirementPhased retirementThe 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). Retirement Protection Act of 1994Retirement Protection Act of 1994Legislation designed to protect the pension benefits of workers and retirees by increasing required support of pension plans by employers. 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. 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 This money is not subject to income tax for that year or following years as long as it is not withdrawn. The money is taxed as withdrawn upon retirement, usually when the depositor is in a lower tax bracket.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. Tax deferred retirement plansTax deferred retirement plansEmployer-sponsored and other plans that allow contributions and earnings to be made and accumulate tax-free until they are paid out as benefits. Further SuggestionsIndividual Retirement Account (IRA)unfunded unapproved retirement benefits scheme retirement relief Registered Retirement Savings Plan (RRSP) Bonds Enabling Annual Retirement Savings (BEARS) individual retirement account normal retirement date Retirement Employee Retirement Income Security Act (ERISA) Debt retirement early retirement retirement annuity contract (RAC) Normal retirement |
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