A clause in an insurance policy that allows for the insured to receive all or a portion of the benefits or a partial refund on the premiums paid if the insured misses premium payments, causing the policy to lapse. The nonforfeiture clause may only be in effect for a limited period of time, and may only kick in after the policy has been active for several years. Nonforfeiture clauses can be found in standard types of life insurance as well as long-term care insurance. The clause may involve returning some portion of the total premiums paid, the cash surrender value of the policy, or a reduced benefit based on the amount of premiums that were paid up until the policy lapsed. While nobody should plan on letting a policy lapse, a nonforfeiture clause can be a savior if somebody forgets to pay premiums or is unable to pay them for an extended period. Having a nonforfeiture clause will typically add to the premium amount over a similar policy without one.
A type of contribution an employer chooses to make to each of his or her eligible employee's employer-sponsored retirement plan. The contribution is not based on salary reduction contributions made by the employee. Unlike a matching contribution, the employer makes a nonelective contribution regardless of whether or not the employee makes a salary reduction contribution to the plan.
Benefits, other than pension distributions, paid to employees during their retirement years. Most post-retirement benefits include life insurance and medical plans. Although these benefits are mostly employer-paid, retired employees often share in the cost of these benefits through co-payments, payment of deductibles and making employee contributions to the plan when required. The benefits that fall within this category are all of the non-cash payment benefits available to employees including dental, vision care, legal services and tuition credits. These additional benefits, along with traditional pension benefits, can be a large expenditure for companies offering these plans, especially if the plans are fully funded by the company. The costs of these plans can be found in a company's financial statements, usually in the notes, which will also disclose the size of the obligation along with how well funded the fund is.
The order in which Roth IRA assets are distributed. Assets are distributed from a Roth IRA in the following order:1. IRA participant contributions 2. Taxable conversions3. Non-taxable conversions4. Earnings This set of rules is used to determine the applicable tax treatment of a nonqualified Roth IRA distribution. Under the aggregation and ordering rules, all of an individual's Roth IRAs are treated as a single account.
A type of 401(k) plan that automatically enrolls the employees of a company to save for their retirement. Eligible employees of a company with this policy are enrolled in the plan at a default contribution rate, usually around 3% of wages, and funds are directed into a default allocation. Employees can change the terms of the plan or opt out completely if they don't want to participate. This differs from a typical 401(k) in that retirement savings will continue to accumulate without any action from the participant. Also known as an "automatic 401(k)". Due to the complexity of some 401(k) forms and the stress of allocating the funds, some people may choose not to participate in a plan at all. An opt-out plan does this work for the employee, while still allowing him or her to change the terms as needed.
An organization that oversees the pension plan for public school teachers in Ontario, Canada. The organization was established in 1989 and is responsible for investing approximately $100 billion CAD, making it one of the biggest investment organizations in Canada. The ontario Teachers’ Pension Plan is the largest single-profession pension plan in Canada, administering the pensions of 175,000 teachers and school staff and paying benefits to 114,000 retirees. The plan experienced pension shortfalls in the wake of the financial crisis of 2008-2009.
An account within the Social Security Trust Fund used to pay benefits to retired workers, the beneficiaries and their children. The Old-Age and Survivors Insurance Trust Fund receives deposits from FICA considered to be over and above the amount needed for day-to-day operations of old-age and survivors insurance under social security. These funds are held in trust, and any funds not required for current expenses are invested in interest-bearing federal securities. The Old-Age and Survivors Insurance Trust Fund was created in 1939 as a part of the Social Security Act amendments of 1939. The fund's board of trustees consists of six members, two of which are appointed by the President and the remaining four are automatically selected due to their positions in the federal government; These four positions are: the Secretary of the Treasury, Secretary of Labor, Secretary of Health and Human Services and the Commissioner of Social Security.
Any contribution to a tax-deductible retirement savings plan exceeding the maximum allowed contribution for a given period as determined by the retirement plan's registrar. Overcontributions are subject to the retirement plan's regulations or laws. Overcontributions are usually subject to some form of monetary penalty, intentioned to reduce their occurrences. In the United States, overcontributions to Roth IRAs are subject to penalty if they are beyond a prescribed annual maximum overcontribution. The Government of Canada's RRSP program is known for the penalties imposed on RRSP overcontributions.
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