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An annuitant is a person who is entitled to receive benefits from an annuity. [1] The payout benefits for an annuitant are based on the person's life expectancy. Since 2000, in the United States of America , Federal and State agencies have allowed the rehiring of retired employees without the loss of their retirement benefits .
Termination of employment or separation of employment is an employee's departure from a job and the end of an employee's duration with an employer. Termination may be voluntary on the employee's part (resignation), or it may be at the hands of the employer, often in the form of dismissal (firing) or a layoff. Dismissal or firing is usually ...
While the main formal term for ending someone's employment is "dismissal", there are a number of colloquial or euphemistic expressions for the same action. "Firing" is a common colloquial term in the English language (particularly used in the U.S. and Canada), which may have originated in the 1910s at the National Cash Register Company. [2]
Some annuity payments end upon the owner’s death, while others offer death benefits.
However, if the annuitant is in good health, it may be more advantageous to select the higher payout option on his or her life only and purchase a life insurance policy that would pay income to the survivor. The pure life annuity can have harsh consequences for the annuitant who dies before recovering his or her investment in the contract.
At this point the contract will terminate and the remainder of the fund accumulated is forfeited unless there are other annuitants or beneficiaries in the contract. Thus a life annuity is a form of longevity insurance , where the uncertainty of an individual's lifespan is transferred from the individual to the insurer, which reduces its own ...
The annuitant is responsible to pay the taxes on the distribution, but generally on the income earned on top of the original investment. [ 8 ] This insurance product is very flexible and there are many types of annuity plans that can suit almost anyone recording to their own preferences.
Severance pay in Luxembourg upon termination of a work contract becomes due after five years' service with a single employer, provided the employee is not entitled to an old-age pension and the termination is due to redundancy, unfair dismissal, or covered in a collective labor agreement. [32]