INTEGRATED PENSION PLAN
\ˈɪntɪɡɹˌe͡ɪtɪd pˈɛnʃən plˈan], \ˈɪntɪɡɹˌeɪtɪd pˈɛnʃən plˈan], \ˈɪ_n_t_ɪ_ɡ_ɹ_ˌeɪ_t_ɪ_d p_ˈɛ_n_ʃ_ə_n p_l_ˈa_n]\
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A pension plan that is integrated with Social Security retirement benefits. In such plans, the monthly or yearly pension benefit is reduced by all, or some percentage of, the retiree's Social Security check--although since 1988, the law has required that the plan leave at least half of the pension amount. These integrated plans work in one of two ways, either establishing a benefit goal for combined Social Security and pension benefits, or reducing your pension by a set percentage of your Social Security benefits.
By Oddity Software
Word of the day
tinctura quininae ammoniata
- A preparation made by dissolving quinin sulphate in alcohol [Br. Ph.].