All of the Following Are Advantages of the Retirement Equity

question 10

Multiple Choice

All of the following are advantages of the Retirement Equity Act of 1984 except that:

• A) pensions for married couples must be joint and survivor annuities.
• B) pension is considered a part of property settlement in divorces.
• C) under no terms can survivor's benefits be waived.
• D) the act applies only to private sector workers.

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Definitions:

Secured Party

An individual or entity that has an interest, often provided by a security agreement, in the personal property of a debtor, which provides security for payment or performance of an obligation.

Collateral

Collateral refers to properties or assets that a borrower offers to a lender as security for a loan, which can be confiscated if the borrower fails to repay.

Debtor's Default

A situation where a debtor fails to meet the legal obligations of a loan, such as not making scheduled payments.

Debtor's Estate

The total assets available to a debtor that can be used to settle debts in bankruptcy or insolvency proceedings.