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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 MatchesRetirement 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. Early retirementEarly retirementFor company pension schemes, an employee may retire at an early age provided it is authorised by the company. In the UK, qualifying ages are 50 for men and 45 for women. However, the amount of pension payable will reduce compared with the amount payable at normal retirement age. 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. 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. Phased 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). Further SuggestionsIndividual Retirement Account (IRA)Bonds Enabling Annual Retirement Savings (BEARS) Tax deferred retirement plans Debt retirement Retirement Normal retirement Employee Retirement Income Security Act (ERISA) retirement annuity contract (RAC) retirement relief individual retirement account Registered Retirement Savings Plan (RRSP) normal retirement date IRA (individual Retirement Account) |
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