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Simple English definitions for legal terms

actuarial equivalent

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A quick definition of actuarial equivalent:

Actuarial Equivalent: This means that when someone retires and starts receiving their pension, the amount they get each month is calculated so that it will last for the rest of their life. This is done by taking into account how long they are expected to live and how much money they have saved up. So, actuarial equivalent is the amount of pension benefits that will be paid out over the expected remaining lifetime of the person receiving it.

A more thorough explanation:

Actuarial equivalent refers to the amount of pension benefits that are accrued and paid out over the expected remaining lifetime of the recipient. This means that the total amount of benefits paid out will be the same, regardless of whether they are paid out monthly or at some other interval.

For example, let's say that a retiree is entitled to receive $1,000 per month in pension benefits. If the retiree is expected to live for another 20 years, the actuarial equivalent of this benefit would be $240,000 ($1,000 x 12 months x 20 years). This means that if the retiree chooses to receive a lump sum payment instead of monthly payments, the lump sum payment would be $240,000.

Another example would be if a retiree is entitled to receive $500 per month in pension benefits, but they choose to receive payments every three months instead of monthly. In this case, the actuarial equivalent of the benefit would be $1,500 ($500 x 3 months), which is the same total amount of benefits paid out over the expected remaining lifetime of the recipient.

These examples illustrate how the actuarial equivalent ensures that the total amount of pension benefits paid out is the same, regardless of the payment frequency or method chosen by the recipient.

actual value | actuarially sound retirement system

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
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@JumpySubsequentDolphin: wait this is so cute, also where r u going
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JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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