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This summary is based largely on the summary provided by the Congressional Research Service, a public domain source. [4]The Veterans' Compensation Cost-of-Living Adjustment Act of 2013 directed the United States Secretary of Veterans Affairs (VA) to increase, as of December 1, 2013, the rates of veterans' disability compensation, additional compensation for dependents, the clothing allowance ...
The Defense Base Act (DBA) (ch. 357 of the 77th United States Congress, 55 Stat. 622, enacted August 16, 1941, codified at 42 U.S.C. §§ 1651–1654) is an extension of the federal workers' compensation program that covers longshoremen and harbor workers, the Longshore and Harbor Workers' Compensation Act 33 U.S.C. §§ 901–950.
Eligibility for VA disability compensation requires that the veteran's service falls under one of these three categories. The definition of "active duty" military service includes "service at any time as a cadet at the United States Military, Air Force, or Coast Guard Academy, or as a midshipman at the United States Naval Academy". [37]
It also covers income from certain insurance contracts, like survivor income benefit plans, permanent and total disability payments under life insurance contracts, and charitable gift annuities.
Typically, cash compensation consists of a wage or salary, and may include commissions or bonuses. Benefits consist of retirement plans, health insurance, life insurance, disability insurance, vacation, employee stock ownership plans, etc. Compensation can be fixed and/or variable, and is often both.
Total Permanent Disability (TPD) is a phrase used in the insurance industry and in law. Generally speaking, it means that because of a sickness or injury , a person is unable to work in their own or any occupation for which they are suited by training , education , or experience .
Disability insurance (also known as state disability insurance, statutory disability programs or state disability benefits) is a kind of insurance, which is funded by mandatory contribution of employees. Employees can lower the tax they have to pay to their state, by the fact that their contributions are tax-deductible.
A "structured settlement" under the tax code's terms is an "arrangement" that meets the following requirements. Damages on the account of personal physical injury, physical sickness and workers compensation are income tax free due to exclusions provided in IRC section 104. [15]