Examlex
In a direct transfer from one qualified retirement plan to another qualified retirement plan, the employer must withhold 20% of the amount of the direct transfer.
Defined Contribution Pension Plan
A retirement plan where the amount contributed by employers or employees is specified, but the future benefit amount is not guaranteed, depending on investment performance.
Funding Obligation
Refers to the requirement for an entity to provide financial resources for a project, debt, or other commitment as agreed upon.
Underfunded Plans
Retirement or pension plans that lack enough assets to cover all present and future obligations.
Life Insurance
Life insurance is a contract between an insurer and a policyholder in which the insurer guarantees payment of a death benefit to named beneficiaries upon the death of the insured.
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