Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Automatic suspension
see automatic stay under stay.
Pensio
n. [Latin] Roman & civil law. A payment for the use of a thing, such as rent for the use of another's house.
Pension
A fixed sum paid regularly to a person (or to the person's beneficiaries), esp. by an employer as a retirement benefit. Cf ANNUITY.
Pension Benefit Guaranty Corporation
The federal agency that guarantees the payment of retirement benefits covered by private pension plans that lack sufficient assets to, pay the promised benefits. - Abbr. PBGC.
Pensioner
A recipient or beneficiary of a pension plan.
Suspension
1. The act of temporarily delaying, interrupting, or terminating something < suspension of business operations> <suspension of a statute>. 2. The state of such delay, interruption, or termination <corporate transfers were not allowed because of the suspension of business>. 3. The temporary deprivation of a person's powers or privileges, esp. of office or profession <suspension of her bar license>. 4. The temporary withdrawal from employment, as distinguished from permanent severance <suspension from teaching without pay>. 5. Eccles. law. An ecclesiastical censure that can be temporary or permanent, and partial or complete. See DEPRIVATION. 6. Scots law. The process of staying a judgment pending an appeal to the Supreme Court.
annua pensione
see de annua pensione.
contributory pension plan
A pension plan in which both the employer and the employee contribute. defined-contribution plan. See EMPLOYEE BENEFIT PLAN.
de annua pensione
n. [Law Latin "of annual pension"] Hist. A royal writ demanding payment from an abbey or prior, of a yearly pension for the king's chaplain named in the writ.
defined pension plan
A pension plan in' which the employer promises specific benefits to each employee. - Also termed fixed-benefit plan.
noncontributory pension plan
A pension plan contributed to only by the employer.
nonqualified pension plan
A deferredcompensation plan in which an executive increases retirement benefits by annual additional contributions to the company's basic plan.
pension plan
An employer's plan established to pay long-term retirement benefits to employees or their beneficiaries; a plan providing systematically for the payment of definitely determinable benefits to employees over a period of years, usu. for life, after retirement. 0 Retirement benefits are typically determined by such factors as years of the employee's service and compensation received. ERISA governs the administration of many pension plans. See EMPLOYEE RETIREMENT INCOME SECURITY ACT. Cf EMPLOYEE BENEFIT PLAN.
pension trust
An employer-funded pension plan; esp., a pension plan in which the employer transfers to trustees amounts sufficient to cover the benefits payable to the employees.
plea in suspension
A plea that shows some ground for not proceeding in the suit at the present time and prays that the proceedings be stayed until that ground is removed, such as a party's being a minor or the plaintiff's being an alien enemy.
qualified pension plan
A pension plan that complies with federal law (ERISA) and thus allows the employee to receive tax benefits for contributions and tax-deferred investment growth.
qualified pension plan.
See PENSION PLAN.
simplified employee pension plan
An individual retirement account or annuity established for an employee and funded by employee contributions and by discretionary contributions from the employer. ( A simplified employee pension plan operates much like a 401(k) plan, in that the employee contributions can be made by deferred compensation and the employer can contribute. But the plan is attractive to small employers because it is much easier to administer than a 401(k) plan and gives the employer complete discretion on whether to make an annual contribution. IRC (26 USCA) ยง 408(k). -Abbr. SEP.
suspension of arms
See TRUCE.
suspension of trading
The temporary cessation of all trading of a particular stock on a stock exchange because of some abnormal market condition.
vested pension
A pension in which an employee (or employee's estate) has rights to benefits purchased with the employer's contributions to the plan, even if the employee is no longer employed by this employer at the time of retirement. ( The vesting of qualified pension plans is governed by ERISA. See EMPLOYEE RETIREMENT INCOME SECURITY ACT.