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Simple English definitions for legal terms

actuarially sound retirement system

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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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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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