- money purchase pension plan
USAmoney purchase plan, Also known as a money purchase pension plan.A defined contribution plan that provides for an individual account for each participant and for fixed employer contributions. Benefits under a money purchase plan are generally distributed as annuity payments over the remainder of the participant's lifetime. A plan may provide for additional forms of payment.Although they are defined contribution plans, money purchase plans are subject to the annuity rules and funding rules applicable to defined benefit plans under the Employee Retirement Income Security Act of 1974 and Internal Revenue Code.
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
Look at other dictionaries:
Money-Purchase Pension Plan — A pension plan to which employers and employees make contributions based on a percentage of annual earnings, in accordance with the terms of the plan. Upon retirement, the total pool of capital in the member s account can be used to purchase a… … Investment dictionary
money purchase pension scheme — Fin in the United Kingdom, a pension plan where the fund that is built up is used to purchase an annuity. The retirement income that the beneficiary receives therefore depends on his or her contributions, the performance of the investments those… … The ultimate business dictionary
money purchase plan — USA money purchase plan, Also known as a money purchase pension plan. A defined contribution plan that provides for an individual account for each participant and for fixed employer contributions. Benefits under a money purchase plan are… … Law dictionary
money purchase scheme — UK US noun [countable] [singular money purchase scheme plural money purchase schemes] business a pension plan in which a person’s payments are used to invest in an annuity . The amount of pension that the person receives depends on the total… … Useful english dictionary
Money-Purchase Provisions — The terms of a registered pension plan that detail the specific amounts that an employer and employee contribute to the plan. The amounts may be stated in dollars or percentages. The provisions of the pension plan states the maximum amount of the … Investment dictionary
pension plan — A plan established and maintained by an employer primarily to provide systematically for the payment of definitely determinable benefits to his employees, or their beneficiaries, over a period of years (usually for life) after retirement.… … Black's law dictionary
money purchase scheme — UK / US noun [countable] Word forms money purchase scheme : singular money purchase scheme plural money purchase schemes business a pension plan in which a person s payments are used to invest in an annuity. The amount of pension that the person… … English dictionary
money-purchase plan — Fin in the United States, a pension plan (a defined benefit plan) in which the participant contributes part and the firm contributes at the same or a different rate … The ultimate business dictionary
group personal pension plan — group personal pension plan/group personal pension scheme (GPPP) An arrangement for the employees of a specific employer to participate in a personal pension scheme on a group basis. A GPPP is effectively a series of individual personal pensions… … Law dictionary
Pension — This article is about the retirement income arrangement. For the type of lodging, see Pension (lodging). For the mortgage repayment scheme, see Mortgage loan. Financial market participants … Wikipedia