Savings

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

master pension plan

Banking; Savings

A retirement plan developed for an employer by a bank or other financial institution. Such a plan might include profit sharing, stock bonuses, thrift arrangements, or defined pension benefits.

A readjustment of insurance and pension benefits due to changes in a company's financial reserves. Impacts may include an increased number of pensioners retiring early or the overall financial health ...

active participant

Banking; Savings

An individual who participates in a retirement plan sponsored either by his/her employer or, if self-employed, by himself or herself. A person would be considered an active participant if his/her ...

accelerated vesting

Banking; Savings

An option of a stock ownership or retirement plan offered by a company whereby the employee is allowed to gain the right to access benefits more rapidly than a traditional vesting plan.

nest egg

Banking; Savings

Colloquial term for a sum of money or funds set aside for purposes like retirement, university tuitions, or to describe the overall wealth of an individual, family or entity. The phrase nest egg is ...

profit-sharing

Banking; Savings

An arrangement in which an employer shares some of its profits with its employees. The compensation can be stocks, bonds, or cash, and can be immediate or deferred until retirement. Profit-sharing ...

lifelong learning plan

Banking; Savings

Adopted by Canadian authorities, this plan allows individuals to make tax-free withdrawals from their retirement accounts up to a total of $20,000 in maximum increments of $10,000 per year. The money ...