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Simple English definitions for legal terms

integrated pension plan

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A quick definition of integrated pension plan:

An integrated pension plan is a type of retirement plan where the employer considers the Social Security benefits when calculating the total benefit for the employee. This means that the pension plan may be reduced based on the estimated Social Security benefits. However, the employer must make sure that the estimated amounts are reasonably calculated and not violate the non-forfeiture provision of the Employment Retirement Income Security Act (ERISA). ERISA allows integration based on three factors: the employer’s contribution to other benefit funds, whether the funds are meant to be used by the general public, and whether the benefits supplied correspond with the pension plans. The Act ensures that the employers truthfully inform their employees about integration and facilitates the bargaining process between the employers and the employees.

A more thorough explanation:

An integrated pension plan is a type of retirement plan that takes into account the Social Security benefits an employee will receive when determining their total retirement benefit. This means that the employer can reduce the amount of their pension benefit based on the amount of Social Security benefits the employee will receive.

Congress first recognized integration in the Internal Revenue Code Section 401(a) by noting that a pension plan is not discriminatory merely because it excludes employees whose pay qualifies for Social Security benefits. By enacting the Employment Retirement Income Security Act (ERISA), Congress approved the existing provision by allowing integration based on three factors: the employer’s contribution to other benefit funds, whether the funds are meant to be used by the general public, and whether the benefits supplied correspond with the pension plans.

For example, let's say an employee is eligible for a pension benefit of $1,000 per month and is also eligible for Social Security benefits of $500 per month. If the employer has an integrated pension plan, they may reduce the employee's pension benefit to $500 per month, taking into account the Social Security benefits the employee will receive.

However, ERISA prohibits an integrated pension plan from lowering an employee's benefits if there is an increase in their Social Security benefit level after ERISA's enactment date. This ensures that employees are not unfairly penalized for changes in Social Security benefits.

Overall, an integrated pension plan can be a useful tool for employers to provide retirement benefits to their employees while taking into account other sources of retirement income, such as Social Security benefits.

intangible property | integration

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
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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.
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[] 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.
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