A Fully-Funded System

question 50

Multiple Choice

A fully-funded system

• A)has current retirees being paid out of the taxes of current workers.
• B)has a sufficient amount of money on hand currently to pay out all future obligations.
• C)has current retirees being paid out of the taxes of current workers and has a sufficient amount of money on hand currently to pay out all future obligations.
• D)never needs to run a surplus.

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Definitions:

Decedent's Estate

All the assets and liabilities left behind by a person who has passed away.

Administrator

An individual appointed by a court to manage and settle the estate of a deceased person who has left no will.

Died Without A Will

A situation in which a person passes away without leaving a legal document specifying how their assets should be distributed.

Uniform Probate Code

A set of laws intended to simplify the probate process and standardize the administration of estates across various states.