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Retirement benefit plans
are arrangements whereby an entity provides benefits for employees on or after the termination of service (either in the form of an annual income or as a lump sum) when such benefits, or the contributions towards them, can be determined or estimated in advance of retirement from the provisions of a document or from the entity’s practices.
Defined contribution plan
sare retirement benefit plans under which amounts to be paid as retirement benefits are determined by contributions to a fund together with investment earnings thereon.
Defined benefit plans
are retirement benefit plans under which amounts to be paid as retirement benefits are determined by reference to a formula usually based on employees’ earnings and/or years of service.
is the transfer of assets to an entity (the fund) separate from the employer’s entity to meet future obligations for the payment of retirement benefits.
are the members of a retirement benefit plan and others who are entitled to benefits under the plan.
Net assets available for benefits
are the assets of a plan less liabilities other than the actuarial present value of promised retirement benefits.
Actuarial present value of promised retirement benefits
is the present value of the expected payments by a retirement benefit plan to existing and past employees, attributable to the service already rendered.
are benefits, the rights to which, under the conditions of a retirement benefit plan, are not conditional on continued employment.Posted