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Simple English definitions for legal terms

individual account plan

Read a random definition: unfair persuasion

A quick definition of individual account plan:

An individual account plan is a type of employee benefit plan where the employer contributes a set amount of money into an account for each employee. This is also known as a defined-contribution plan. The employee can then choose how to invest the money in their account and the amount they receive at retirement depends on the performance of their investments.

A more thorough explanation:

An individual account plan is a type of employee benefit plan where an employer contributes a certain amount of money to an individual account for each employee. The employee can then decide how to invest the money in the account. The amount of money in the account at retirement depends on the performance of the investments chosen by the employee.

Examples of individual account plans include:

  • 401(k) plans
  • 403(b) plans
  • Individual Retirement Accounts (IRAs)

These plans are called "defined-contribution plans" because the employer defines how much money they will contribute to the employee's account, but the final amount of money in the account is not guaranteed.

For example, if an employer contributes $5,000 to an employee's 401(k) account each year and the employee chooses to invest the money in stocks, the final amount of money in the account at retirement will depend on how well the stock market performs over the years.

individual | individual asset

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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