18 Terms
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Savings
Referring to the process of saving and accumulating money by economy and laying it away for later use, usually over a long period of time.
Industry: Banking
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Savings
cash or deferred arrangement
Banking; Savings
A qualified plan, usually part of a profit sharing or stock bonus plan, that gives an employee the option to contribute some of his/her salary to the plan. One example is a 401(k) plan. A participant ...
bank trust custodial account
Banking; Savings
A type of Individual Retirement Account (IRA) in which contributions are placed either in an interest-bearing bank account or an account with a brokerage. This type of IRA gives holders considerable ...
benefit offset
Banking; Savings
A partial or complete loss of retirement plan benefits which may result when an employee owes money to his or her plan or receives benefits from another source. The Social Security Act includes a ...
advance earned income credit
Banking; Savings
A provision that allowed employees to receive their earned income credit as an advance in their paycheck throughout the year. The earned income credit is a refundable tax credit intended for ...
additional voluntary contributions
Banking; Savings
AVCs. In addition to regularly made contributions, these are extra contributions paid by an employee into a pension plan. Employees tend to make additional contributions to save more money for ...
advance funded pension plan
Banking; Savings
A retirement plan option that allows an employee to set aside assets before retirement as long as the contributions follow the delegated schedule and regulations set forth by the pension plan. This ...
integrated pension plan
Banking; Savings
Plan that is tied to a person's payments into Social Security. This amount will be used in calculating the total benefit that the individual will receive upon retirement. This amount could be reduced ...
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