A plan offered by small companies - typically those with fewer than 25 employees - that allows employees to make pretax contributions to their Individual Retirement Accounts (IRAs) through salary reduction. |||Prior to the widespread use of 401(k)s, these plans were seen as a valuable benefit of employment, particularly for employees of small businesses. SARSEPs, as they have affectionately become known, were replaced by another plan (known as "SIMPLE") under the Small Business Job Protection Act of 1996. After 1996, existing plans were allowed to remain in existence, but no new plans were to be created.
An employee’s ability or right to retain certain benefits when switching employers. Benefits such as certain pension plans and health insurance have portability. Most 401(k) plans have portability of benefits, as well as health savings accounts (HSAs). Portability is a U.S. employee's right to keep or maintain certain benefits when switching employers or when leaving the workforce (retiring). The Health Insurance Portability and Accountability Act of 1996 (HIPAA) provides rights and protections for participants in group health plans. HIPAA states that employer health insurance plans may not be able to exclude coverage for preexisting conditions; provides opportunities to enroll in a group health plan if either coverage is lost or certain life events occur; prohibits discrimination against employees and their dependent family members based on health factors; and assures that certain people will have access to, and can renew, individual health insurance policies.
A nickname dating back to 1812 used to refer to the U.S. government. The term is said to come from "Uncle Sam" Wilson, who provided barrels of beef to the U.S. Army during the War of 1812. The barrels were stamped "U.S." to indicate that they were government property, but they came to be associated with Wilson's nickname, and eventually "Uncle Sam" became a nickname for the U.S. government. The most popular visual representation of Uncle Sam is a cartoon image drawn by James Montgomery Flagg in 1916 of a white-haired, bearded, Caucasian male dressed in a patriotic top hat and jacket for a U.S. Army recruitment poster with the words "I Want You." The term is commonly used by financial writers, often in conjunction with discussions of income taxes.
A joint and survivor option that allows you to be reinstated to the basic pension amount if the spouse predeceases the retiree. More and more companies are utilizing this option for an additional charge. Generally, pop-up options are limited to married couples.
A floor broker who executes orders for other brokers who cannot do it themselves because they have more business than they can handle at that particular time. The name came about because brokers were once paid $2.00 for a round lot trade. Today, commission is negotiated.
The benchmark stock index for the Austrailian markets. It was created for the sake of investment managers who held Australian securities and needed a sufficiently large and liquid portfolio with which they could compare their investment performance. The index trades on the Australian Stock Exchange under the symbol XJO. |||The S&P/ASX 200 Index is composed of the S&P ASX 100 Index plus another 100 stocks. ASX mini futures 200 contracts are also based on this index. There is also an ETF that owns and tracks this index, along with futures contracts that trade with the index as their basis.
An internship in which the intern is charged with using social media such as Twitter and Facebook to drive attention to a company and its products. A twinternship is usually an unpaid (although paid positions are not uncommon), temporary position in which a "twintern" will use popular social media outlets to publicize products and promotions for a business. Also known as a "brand advocate". Twinterns usually work as a part of a company's public relations team. Twinternships have gained popularity as a cheap and relatively easy way to communicate a company's brand with younger, tech-savvy consumers. Some companies have even held promotional contests to award similar paid positions to young twinternship hopefuls.
A plan participant either contributes into a pension plan or is in a position to receive benefit payments from the plan. It includes a retired person receiving distributions from a pension plan, or a beneficiary or dependent named by a contributing member. A plan participant has the right to receive benefit payments from a pension plan, whether it is a defined benefit or a defined contribution pension plan, as long as the requirements under the plan's contract has been fulfilled. Under most defined benefit pension plans, the member is required to complete a minimum number of years or service in order to qualify for their maximum pension allowable.The tax law definition of an "active participant" to a company plan could include employees not participating in the employer's plan.
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