There are currently 5 Definitions in this directory beginning with the letter A.
This is generally expressed as a monthly accrued benefit. Such form of benefit is limited to Qualified Defined Benefit Plans. It is expressed a an accumulation to a specific date and payable at a specific date. For example: William's monthly accrued benefit as of August 31, 2006 was $800.00. Assuming no further service this benefit will be payable upon William's attaining his normal retirement age.
As used in pensions this term relates to forms of an employee's benefit. It compares different forms of benefit payments and determines if they are mathematically equal or nearly equal. For example a monthly Single Life Annuity of $800.00 could be the actuarial equivalence of a Single Lump Sum of $250,000.00. This means they both have a dollar value of $250,000.00.
Any spouse, former spouse, child or other dependent of a plan participant who is recognized by a domestic relations order as having a right to receive all, or a portion of, the benefits payable under a plan with respect to such plan participant.
Periodic payments, generally monthly. The payment period can be for life or for a stated period, e.g. ten years.
The forms in which retirement benefits may be paid to a retiring employee. Among the options are: Single Life Annuity, Periodic Payments for a stated period or a Joint & Survivor Annuity.