Actuarial Science 2427A/B Lecture Notes - Life Annuity

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This means the right of a plan member, who terminates employment, to the portion of the pension benefit provided by er contributions, with interest ee contributions are always refundable. Age 45 and 10 years of continuous service. Employers are allowed to have more generous vesting rules if they wish. In the usa, most pension plans typically have full vesting occurring after 5 years of plan membership. In quebec, as of 2001, all rpp"s must have full vesting as soon as an employee joins the plan. Locked-in means the ee cannot withdraw any contributions or portion of the pension benefit in cash prior to retirement. Means the commuted value of a terminating ee"s pension may be transferred, on a locked-in basis, to another rpp or to some other retirement savings arrangement (without a tax consequence) In ontario, you can take the commuted value of your pension and transfer the money, with no taxes having to be paid, to: rrsp (locked-in)

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