Ten-year Vesting (cliff Vesting)
Method of vesting under the employee retirement income security act of 1974 (ERISA) that requires an employee to have 10 years of service with an employer to be vested. An employee who leaves an employer prior to that time does not receive retirement benefits from that job. Under the tax reform act of 1986, after December 31,1988, the 10-year vesting rule is reduced to 5 years.
Popular Insurance Terms
Means, in pension plans, by which a projection is made of benefits credited to each employee's account at retirement age. Costs are then allocated on a level basis over a specified future ...
Entity maintained by the Teachers Insurance Annuity Association. The fund essentially serves college faculties and staff, who pay premiums through salary deductions toward a tax-sheltered ...
Same as term Debit Insurance: life insurance on which a premium is collected on a weekly, bi-weekly, or monthly basis, usually at the home of a policyholder. The face value of the policy is ...
Bonds issued by the United States Treasury that pay a semiannual interest rate tied to the Treasury auction plus an additional interest rate tied to the rate of inflation during this ...
Acceptance of an application for an insurance policy by the insurance company, indicated by the signature of an officer of the company on the policy. The officer, who must have signature ...
Authority to act on behalf of an individual that terminates upon its revocation or death of that individual. ...
Life insurance in which the debit system is used to collect premiums on a monthly basis. ...
Business owned by stockholders, as contrasted to a mutual insurance company, which is owned by its policyholders. Many major life insurers are mutual companies whereas some leading ...
Coverage for a practicing physician, surgeon, or dentist, when bodily injury, personal injury, and/or property damage is incurred by a patient and the patient sues for injuries and/or ...
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