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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 MatchesIRA (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 This money is not subject to income tax for that year or following years as long as it is not withdrawn. The money is taxed as withdrawn upon retirement, usually when the depositor is in a lower tax bracket.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 retirementNormal retirementThe 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 1994Retirement Protection Act of 1994Legislation designed to protect the pension benefits of workers and retirees by increasing required support of pension plans by employers. 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 Suggestionsretirement reliefunfunded 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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