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Simple English definitions for legal terms

integrated pension plan

Read a random definition: Federal Parent Locator Service

A quick definition of integrated pension plan:

An integrated pension plan is a type of retirement plan where the employer considers the Social Security benefits when calculating the total benefit for the employee. This means that the pension plan may be reduced based on the estimated Social Security benefits. However, the employer must make sure that the estimated amounts are reasonably calculated and not violate the non-forfeiture provision of the Employment Retirement Income Security Act (ERISA). ERISA allows integration based on three factors: the employer’s contribution to other benefit funds, whether the funds are meant to be used by the general public, and whether the benefits supplied correspond with the pension plans. The Act ensures that the employers truthfully inform their employees about integration and facilitates the bargaining process between the employers and the employees.

A more thorough explanation:

An integrated pension plan is a type of retirement plan that takes into account the Social Security benefits an employee will receive when determining their total retirement benefit. This means that the employer can reduce the amount of their pension benefit based on the amount of Social Security benefits the employee will receive.

Congress first recognized integration in the Internal Revenue Code Section 401(a) by noting that a pension plan is not discriminatory merely because it excludes employees whose pay qualifies for Social Security benefits. By enacting the Employment Retirement Income Security Act (ERISA), Congress approved the existing provision by allowing integration based on three factors: the employer’s contribution to other benefit funds, whether the funds are meant to be used by the general public, and whether the benefits supplied correspond with the pension plans.

For example, let's say an employee is eligible for a pension benefit of $1,000 per month and is also eligible for Social Security benefits of $500 per month. If the employer has an integrated pension plan, they may reduce the employee's pension benefit to $500 per month, taking into account the Social Security benefits the employee will receive.

However, ERISA prohibits an integrated pension plan from lowering an employee's benefits if there is an increase in their Social Security benefit level after ERISA's enactment date. This ensures that employees are not unfairly penalized for changes in Social Security benefits.

Overall, an integrated pension plan can be a useful tool for employers to provide retirement benefits to their employees while taking into account other sources of retirement income, such as Social Security benefits.

intangible property | integration

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20:07
I am semi proficient in spanish.
20:08
nice same. This sounds bad but I do not like how spanish sounds.
20:09
or english for that matter
20:09
There is nothing wrong with that. I like all the languages. It is tones that annoy me.
20:10
and fabrics
20:14
@GalenMeric: Sorry, tones is what I meant. Are you a wool fabric fan?
20:40
I think my only wool piece is my suits, and I like those quite a bit.
21:11
Wool is the best fabric
21:12
I only buy wool, denim, leather, and loop wheel cotton
21:31
@NemoPropheta: Im on that polyester, nylon, spandex, rayon, and fleece grind fam
21:32
jk but fr: I was watching how to fold dress shirts so they do not wrinkle, and the dude did his folding on a wool blanket so that the wool fibers grabbed the cotton shirt (like velcro), that is smart asf
21:32
That is smart
21:33
I want a weatherwool blanket
21:33
But I hang my shirts but Ive heard arguments against it
21:34
Generally I fold knitwear and hang everything else
21:35
Cant wait to get that big law money and spend it all on clothes 🙏
21:37
@NemoPropheta: his point was to protect the collar at all costs, therefore fold most shirts. I HATE when collars be acting out, so I will adpot his method: https://www.youtube.com/shorts/QaVKudd36zc?feature=share
21:38
oh fr wearin a suit is so fun t. someone who wears a suit seldomly
21:40
Yeah that makes sense, I do hate when my collar stick out at the sides, I cant figure out how to iron them so they maintain their shape
21:48
collar stays may be the answer. also, shirt stays are goated
21:50
@NemoPropheta: those look so nice, but i feel like one spec of dirt or one crease will ruin ur week, even if the money means nothing?
23:18
Idk I like worm i
23:19
bruh
23:19
I like worn in leather, and dirt is easy enough to clean off*
OrangeThing
23:27
Am I still muted on here
OrangeThing
23:27
Oh I guess not
OrangeThing
23:27
Hello all
f$ll to MarqU baby
Ur-
0:34
@OrangeThing: Welcome back Renard99
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