Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Employee Retirement Income Security Act
A federal statute that regulates private pension plans and employee benefit plans and that established the Pension Benefit Guaranty Corporation. 29 USCA ยงยง 1001 et seq. - Abbr. ERISA.
Retirement
n. 1. Voluntary termination of one's own employment or career, esp. upon reaching a certain age < she traveled around the world after her retirement>. 2. Withdrawal from action or for privacy < Carol's retirement to her house by the lake>. 3. Withdrawal from circulation; payment of a debt <retirement of a series of bonds>. See REDEMPTION. - retire, vb.
actuarially sound retirement system a re-
tirement plan that contains sufficient funds pay future obligations, as by receiving contribi tions from employees and the employer to 1; invested in accounts to pay future benefits. NONACTUARIALLY SOUND RETIREMENT SYSTEM.
bond retirement
The cancellation of a bond that has been called or paid.
debt retirement
Repayment of debt; RETIREMENT (3).
disability retirement plan
1. A plan that is invoked when a covered person is disabled from working to normal retirement age. 2. A plan that provides increased benefits if a person retires because of a disability.
individual retirement account.
A savings or brokerage account to which a person may contribute up to a specified amount of earned income each year ($2,000 under current law). The contributions, along with any interest earned in the account, are not taxed until the money is withdrawn after a participant reaches 59'k (or before then, if a 10% penalty is paid). - Abbr. IRA.
nonactuarially sound retirement system
A retirement plan that uses current contributions and assets to pay current benefit obligations, instead of investing contributions to pay future benefits. Cf. ACTUARIALLY SOUND RETIREMENT SYSTEM.
retirement annuity
an annuity that begins making payments only after the annuitant's retirement. ( if the annuitant dies before retirement, an agreed amount will usu. be refunded to the annuitant's estate.
retirement plan
See EMPLOYEE BENEFIT PLAN.
retirement-income insurance
An agreement whereby the insurance company agrees to pay an annuity beginning at a certain age if the insured survives beyond that age, or the value of the policy if the insured dies before reaching that age.
self-employed retirement plan
See KEOGH PLAN.