Pension Plans: Distributions
Prior to 1988, right to withdraw retirement assets before age 59 1/2 without having to pay a 10% penalty under the following circumstances:
- medical expenses are incurred.
- the plan participant becomes disabled. With the passage of the TECHNICAL AND MISCELLANEOUS REVENUE ACT OF 1988 (TAMRA): EMPLOYEE BENEFITS a third option is available to the plan participant:
- distribution must be a part of a scheduled series of substantially equal periodic payments. The distributions must be made in such amanner that they will continue for the lifetime of the plan participant or the joint lifetime of the plan participant and his or her beneficiary.
Popular Insurance Terms
Same as term Coinsurance: ...
Model act written and published by the national association of insurance commissioners (naic) whose purpose it is to regulate brokers who control insurance companies. The act permits the ...
Rules stating that, under the tax EQUITY AND RESPONSIBILITY ACTS OF 1982 AND 1983 (TEFRA), a plan can not discriminate in favor of key employees regarding contributions and benefits if ...
Qualified pension or other employee benefit where responsibility rests with an employer rather than an insurer. A trust fund plan, where assets are deposited with and invested by a trustee, ...
Same as term Cancellation Provision Clause: provision permitting an insured or an insurance company to cancel a property and casualty or a health insurance policy (circumstances vary; see ...
Means of providing insurance protection for the property of a business that is not at a fixed location. ...
System whereby a life insurance company (the reinsured) reduces its possible maximum loss on either an individual life insurance policy (facultative reinsurance) or a large number of life ...
Trust whereby asset management is provided until a child reaches the age of majority. Upon reaching majority, the child has full use and control over the assets. The grantor of the trust ...
Coverage for the federal government in the event of loss due to dishonest acts of federal government employees. ...
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