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Simple English definitions for legal terms

actuarially sound retirement system

Read a random definition: statuliber

A quick definition of actuarially sound retirement system:

An actuarially sound retirement system is a plan that has enough money to pay for future retirement benefits. This is achieved by collecting contributions from both employees and employers, which are then invested in accounts to ensure that there is enough money to pay for future benefits. A retirement system that is not actuarially sound may not have enough funds to pay for future benefits.

A more thorough explanation:

An actuarially sound retirement system is a retirement plan that has enough funds to pay for future obligations. This is achieved by receiving contributions from both employees and employers, which are then invested in accounts to pay for future benefits.

For example, a company may offer a 401(k) plan to its employees. The employees contribute a portion of their salary to the plan, and the employer may also contribute a matching amount. These funds are then invested in various accounts, such as stocks and bonds, to grow over time. When the employee retires, they can withdraw the funds as a source of income.

Another example is a pension plan offered by a government agency. The agency sets aside funds to pay for future retirement benefits for its employees. These funds are invested in various accounts to grow over time. When the employee retires, they receive a monthly pension payment based on their years of service and salary.

Overall, an actuarially sound retirement system is important to ensure that retirees receive the benefits they were promised and that the retirement plan remains financially stable.

actuarial equivalent | actuarial method

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12:05
am i the only one who has never gotten my status checker to work on here?
BulbasaurNoLikeCardio
12:06
@ChowieBean: want to see what schools they share an applicant pool with, think it is all data harvesting stuff no a +/- for the applicant
12:06
ok good cuz idk whether i wanna tell them or not
12:06
thanks bulbasaur
12:08
not to be that guy again but berkeley person/applicant id is back and Shiny New Logo
be that guy
EW THE NEW LOGO IS SO UGLY
WTF
12:09
need to send in my berkeley app rawwwww
BulbasaurNoLikeCardio
12:09
@ChowieBean: should be required to tell them, the schools who asked I only told them the schools in their area not all of them.
BulbasaurNoLikeCardio
12:10
*shouldnt be
12:12
@jackfrost11770: if i get a berk A today and they have that logo im withdrawing (/s /s /s /j /j /j)
babycat
12:12
@ChowieBean: me too lol. you applying to public interest scholars program?
12:14
yes def applying public interest
12:16
i was raised like blocks away from umiami
12:16
idk if i wanna go back to florida tho so im applying there as safety/target 💀
12:25
@ChowieBean: doing the same thing
Does anyone think au gonna get back to us today
My app was complete Oct 11
If yes what time
Dkk
12:29
Sure, yes! 11:22:24 PST
ClassyPleasantHeron
12:30
I wonder if Berk was updating their system so that they could watch more video.
1a2b3c4d26z
12:41
They updated it so they could watch my video one trillion times
brookyln law portal just added person id and application id for me, what does it mean??
Dkk
12:52
@VolatileClumsyAcolyte: well someone got an A so maybe an A
just checked the reddit, apparently it means nothing..
HAPPY FRIDAY HAPPY UCLA DAY
what time would they release cuz west coast
BulbasaurNoLikeCardio
12:54
I hate that Vanderbilts portal gives no status
HopefullyInLawSchool
12:54
@VolatileClumsyAcolyte: did you apply YM to Brooklyn?
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