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Home Dictionary U Unit Benefit Formula The unit remuneration formula is a method of calculating an employer’s contribution to an employee’s pension plan based on years of service. The unit remuneration formula means that the company pays a percentage of the employee’s salary, which can vary from 1.25 to 2.5%. The benefit of a pension plan using a per unit remuneration formula is that employees are compensated for working longer with the company. 412(i) Plan
September 25, 2022 The 412(i) plan was a defined benefit plan designed for small business owners in the United States. Deferred Profit Sharing Plan (DPSP)
September 25, 2022 The Deferred Profit Sharing Plan (DPSP) is an employer-sponsored Canadian profit sharing plan used for employee retirement savings. Defined-Benefit Plan
September 25, 2022 A defined benefit plan is an employer-based program that pays benefits based on factors such as years of service and salary history. Government Pension Fund of Norway
September 25, 2022 The Government Pension Fund of Norway consists of two separate Norwegian investment funds: the first is the Global Government Pension Fund (GPFG), also known as the Oil Fund, and the second is the Government Pension Fund of Norway (GPFN). . Keogh Plan
September 25, 2022 Keogh plans are tax-deferred pension plans - either defined benefit or defined contribution - used for retirement purposes by either self-employed individuals or unincorporated businesses, while independent contractors cannot use the Keogh plan. Liability Driven Investment (LDI)
September 25, 2022 Liability oriented investments are typically used in defined benefit pension plans or other fixed income plans to cover current and future liabilities through the acquisition of assets. Lump-Sum Payment
September 25, 2022 A one-time payment is an amount paid at once, as opposed to an amount that is divided and paid in installments. Money Purchase Pension Plan
September 25, 2022 The money-purchasing pension plan is the employer’s annual contribution to the retirement savings of its employees. Ontario Teachers' Pension Plan Board (OTPPB)
September 25, 2022 The Ontario Teachers’ Pension Plan Board (OTPPB) oversees a pension plan created for public school teachers in Ontario, Canada. Overfunded Pension Plan
September 25, 2022 An overfunded pension plan is a company pension plan that has more than enough funds to cover current and future employee benefits. Pension Plan
September 25, 2022 A pension plan is a pension plan that requires the employer to contribute to a general fund set aside for the employee’s future benefits. Replacement Rate
September 25, 2022 The replacement rate refers to the percentage of an individual’s annual income from work that is replaced by retirement income at retirement. Superannuation
September 25, 2022 Australian pension funds are more commonly referred to as superfunds. Teacher Retirement System (TRS)
September 25, 2022 The Teachers’ Retirement System (TRS) is a network of state-level organizations that primarily administer pensions and other retirement plans for teachers. Underfunded Pension Plan
September 25, 2022 Underfunded pension plans do not have enough money to cover their current and future liabilities. Unfunded Pension Plan
September 25, 2022 Unfunded pension plans do not have any deferred assets, meaning that retirement benefits are usually paid directly from employer contributions. Welfare and Pension Plans Disclosure Act (WPPDA)
September 25, 2022 The Social Security and Pension Plans Disclosure Act (WPPDA) was a piece of US legislation in effect from the 1950s to the 1970s that regulated employee benefits and retirement plans. Withdrawal Benefits
September 25, 2022 Withdrawal allowances allow individuals with an employer-sponsored retirement account to claim those funds when leaving that employer. Withdrawal Credits, Pension Plan
September 25, 2022 Pension plan withdrawal credit refers to the portion of an employee’s pension assets in a qualified pension plan that the employee is entitled to withdraw upon termination of employment. Year's Maximum Pensionable Earnings (YMPE)
September 25, 2022 YMPE determines the maximum earnings for CPP contributions. 401(a) Plan
September 25, 2022 The 401(a) plan is employer-sponsored and both employer and employee can contribute. 401(k) Plan
September 25, 2022 A 401(k) plan is a company-sponsored retirement account that employees can contribute income to and employers can contribute to. 403(b) Plan
September 25, 2022 403(b)s are retirement savings plans that serve employees of public schools and tax-exempt organizations. 408(k) Plan
September 25, 2022 A 408(k) is an employer-sponsored pension plan similar to a 401(k). 457 Plan
September 25, 2022 Plan 457 is an IRS-sanctioned retirement plan for employees with tax benefits.