| A | B |
|---|
| Single Life Annuity | monthly payment, stops at participant's death |
| Joint & Survivor Annuity | monthly payment, goes to survivor after participant's death |
| Lump Sum Distribution | one time payment representing entire amount due |
| ERISA | federal regulations that set minimum standards for qualified plans |
| Defined Benefit plan | employer funded retirement benefit |
| Vesting | ownership of co's contributions |
| Cliff Vesting | 100% ownership of pension at fixed # of yrs |
| Graded Vesting | gradual ownership of pension over period of yrs |
| Spousal Consent | required for married parts to elect LS or SLA |
| PBGC | federal agency who pays pension if employer no longer can |
| Certain & Life Annuity | monthly payment, pays for part's lifetime then MAY pay survivor |
| Summary Plan Description | document that explains plan rules in understandable language |
| 1099-R | tax document provided at year end for pension distributions |
| cash balance plan | pension benefit stated as lump sum, accruing monthly credits |
| final average pay plan | pension benefit using highest yrs of earnings |
| career average pay plan | pension benefit using all yrs of earnings |
| Alternate Payee | person receiving % of pension due to QDRO split |
