An act of legislation that makes a large number of reforms to U.S. pension plan laws and regulations. This law made several pension provisions from the Economic Growth and Tax Relief Reconciliation Act of 2001 permanent, including the increased IRA contribution limits and the increased salary deferral contribution limits to a 401(k). It also attempts to strengthen the overall pension system and reduce the reliance on the federal pension system and the Pension Benefit Guaranty Corporation. |||Along with making past provisions permanent, the act also attempts to strengthen the pension system. This is done through the requirement that companies with under-funded pensions pay additional premiums along with the elimination of loopholes that allowed under-funded pensions to miss pension payments. The act also requires that pension plans provide more accurate assessments of their pension obligations.
A non-profit corporation that functions under the jurisdiction of the Department of Labor and that guarantees the payment of certain pension benefits under defined-benefit plans that have been terminated with insufficient money to pay benefits. |||This federal corporation was established to ensure that defined-benefit plan participants aren't left out in the cold if there isn't enough money in the pension plan to meet the needs of people about to retire (i.e. in the event of a pension shortfall).
The use of a good or service as payment, instead of cash. Also known as "paid in-kind." |||A good example is a farmhand who is paid room and board for helping out on the farm instead of earning wages. Another example is the use of securities instead of cash as a deposit into a retirement savings plan.
An arrangement between a bank or credit union and a client that designates beneficiaries to receive all the client's assets. The immediate transfer of assets is triggered by the death of the client. Also referred to as a "totten trust." |||POD accounts are created by filling out the proper forms at your bank or credit union. It is a cost-free service that allows for the transfer of all checking and savings accounts, security deposits, savings bonds and other deposit certificates. A POD account is very similar to a transfer-on-death arrangement, but deals with a person's bank assets instead of their stocks, bonds, mutual funds or other assets. Both POD and TOD agreements offer quick means of asset dispersement, as both avoid the probate process, which can take several months.
A foreign-based corporation that has one of the following attributes:1. At least 75% of the corporation's income is considered "passive", which is based on investments rather than standard operating business.2. At least 50% of the company's assets are investments that produce interest, dividends and/or capital gainsPFICs include foreign-based mutual funds, partnerships and other pooled investment vehicles that have at least one U.S. shareholder. Most investors in PFICs must pay income tax on all distributions and appreciated share values, regardless of whether capital gains tax rates would normally apply. |||PFICs are subject to complicated and strict tax guidelines by the Internal Revenue Service (IRS), which covers treatment of these investments in Sections 1291 through 1297 of the income tax code. Both the PFIC and the shareholder must keep accurate records of all transactions, including share basis, dividends and any undistributed income earned by the company.The strict guidelines are set up to discourage ownership of PFICs by U.S. investors. PFIC shares won't even receive a step-up in cost basis as is the case with nearly all other marketable, appreciable assets. An option that investors have is to seek qualification of a PFIC investment as a qualified electing fund (QEF). This may reduce the tax rate on certain transactions but also forces the investor to pay taxes even on income earned by the foreign company that is not distributed to shareholders.
An exchange network that coordinates the trading of stock options between both institutional and individual investors. |||Formed in 1882, the PCX is one of the first exchanges in the world to develop and adopt an electronic trading system.
P to P can mean one of two things: 1. Peer to peer allows internet users to transfer files directly, rather than through the use of a website or directory. File transfers are done directly from the users' computers. 2. An abbreviation of "path to profitability". This refers to the roadmap a startup company follows in order to propel its operations from its current state of losing money to becoming profitable. |||A perfect example of peer to peer is the internet file swap sites that allow users to transfer audio, video and other types of files for free.
The amount of rent that could be paid to substitute a currently owned house for an equivalent rental property. Owners' equivalent rent (OER) is a dollar amount that is published by the U.S. Bureau of Labor Statistics to measure the change in implicit rent, which is the amount a homeowner would pay to rent or would earn from renting his or her home in a competitive market. Owners' equivalent rent is obtained by directly asking sampled homeowners the following question: "If someone were to rent your home today, how much do you think it would rent for monthly, unfurnished and without utilities?" It is also referred to as rental equivalence. |||When evaluating housing and shelter, owners' equivalent rent of a primary residence is one of the two main components of the Consumer Price Index (CPI), which measures the average change over time in the prices paid by consumers for a market basket of goods and services. The other component is rent of a primary residence. Homeownership equivalents attempt to include monetary factors such as prevailing interest rates, property taxes, available mortgage products and insurance to estimate changes in shelter costs.
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