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Simple English definitions for legal terms

nonactuarially sound retirement system

Read a random definition: age discrimination

A quick definition of nonactuarially sound retirement system:

A nonactuarially sound retirement system is a type of retirement plan that uses the money contributed by people currently working to pay for the benefits of those who are already retired. This means that the plan does not invest the contributions to pay for future benefits. This is different from an actuarially sound retirement system, which invests contributions to ensure that there is enough money to pay for future benefits.

A more thorough explanation:

Definition: A retirement plan that uses current contributions and assets to pay current benefit obligations, instead of investing contributions to pay future benefits.

Example: A company's retirement plan that only uses the current contributions from employees to pay out benefits to retirees without investing any of the contributions for future benefits is a nonactuarially sound retirement system.

This means that the retirement plan is not sustainable in the long run because it does not take into account the future needs of retirees and the potential for inflation. As a result, the retirement plan may not have enough funds to pay out benefits to future retirees.

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9:28
congrats on the 172 bruce
go dawgs fr
9:29
roll tide
do we foresee a fordham election day wave today (i'm delusional)
WorthlessAttractiveZombie
9:31
I think so, Jack
9:31
some people hate him. some people love him, but he a real one: https://youtu.be/w5oEqiVQcF4?t=173
9:32
[kevin oleary]
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
WorthlessAttractiveZombie
9:34
I mean if Fordham doesn't release today I will purposefully get on a train, go to new york, and then take the stinkiest shit inside the admission office's toilet (potentially clogging it and forcing them to get a plumber)
IS IT ONLY ON MY END WHY DID THAT SEND TEN MILLION TIMES
HELLO
WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
i'm so sorry everyone what the actual fuck this website hates me
WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
usc pls pull through .....
i literally just need one A so i can relax before my ED decision
WorthlessAttractiveZombie
9:38
oh that's right USC might release
soapy
9:43
USC still has not looked at my app
WorthlessAttractiveZombie
9:43
when did you submit soapy?
soapy
9:44
10/16
WorthlessAttractiveZombie
9:44
to be fair it took them almost 2 months for me to go under review
soapy
9:44
Feelin a bit stressed, as I've got no date change for Michigan either despite applying 10/7
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