What You Should Know About the Pension Law

Front Cover
DIANE Publishing, 1988 - 60 pages
An explanation of your rights, information about beneifts, payment schedules, protections, and more.
 

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Contents

II
7
IV
11
VI
14
VIII
15
IX
16
XI
17
XII
19
XIV
20

XV
22
XVI
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XVII
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XVIII
27
XIX
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XXI
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XXII
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XXIII
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XXV
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XXVI
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XLII
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XLV
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XLVII
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XLVIII
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L
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LI
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LIII
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LV
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LVI
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Page 38 - ... with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent man acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of like character and with like aims; and by diversifying the investments of the plan so as to minimize the risk of large losses.
Page 51 - ... unlawful for any person to discharge, fine, suspend, expel, discipline, or discriminate against a participant or beneficiary for exercising any right to which he is entitled under the provisions of an employee benefit plan...
Page 47 - ... earliest retirement age" means the earliest date on which, under the plan, the participant could elect to receive retirement benefits, and (iii) the term "qualified joint and survivor annuity...
Page 45 - ... annuity must be not less than half of the annuity payable to the participant during the joint lives of the participant and his spouse. In the case of an employee who retires, or who attains the normal retirement age, the joint and survivor provision is to apply unless the employee elected otherwise. In the case of an employee who is eligible to retire prior to the normal retirement age under the plan, and who does not retire, the joint and survivor provisions need not be applicable under the...
Page 55 - I, he is to provide a copy of the complaint to the Secretary of Labor and the Secretary of Treasury by certified mail. A copy is not required to be provided in any action which is solely for the purpose of recovering benefits under the plan. The Secretary of Labor or the Secretary of Treasury, or both, are to have the right to intervene in any action at their discretion.
Page 39 - Any loans made by the plan to parties in interest who are participants or beneficiaries of the plan if such loans (A) are available to all such participants and beneficiaries on a reasonably equivalent basis, (B) are not made available to highly compensated employees, officers, or shareholders in...
Page 38 - ... act in any transaction involving the plan on behalf of a party (or represent a party) whose interests are adverse to the interests of the plan or the interests of its participants or beneficiaries...
Page 29 - However, in the case of seasonal industries where the customary period of employment is less than 1,000 hours, the term "year of service" is to be determined in accordance with Labor Department regulations. Breaks in service Under the conference substitute, a 1-year break in service occurs in any calendar year, plan year, or other consecutive 12-month period designated by the plan on a consistent basis (and not prohibited under Labor Department regulations) in which the employee has 500 hours of...
Page 37 - A fiduciary must: • discharge his or her duties solely in the interest of plan participants and beneficiaries and for the exclusive purpose of providing plan benefits to them and defraying the reasonable expenses of administering the plan...
Page 25 - Stat. 996). 2530.200bl Computation periods. (a) General Under sections 202. 203 and 204 of the Act and sections 410 and 411 of the Code, an employee's statutory entitlements with regard to participation, vesting and benefit accrual are generally determined by reference to years of service and years of participation completed by the employee and one-year breaks in service incurred by the employee. The units used for determining an employee's credit towards statutory participation, vesting and benefit...

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