Benefit Trigger


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Benefit Trigger

Any event that causes a pension or annuity to start making payments to a beneficiary. Retirement and the attainment of a certain age are common benefit triggers.
References in periodicals archive ?
Under the federal CLASS Act (Community Living Assistance Services and Support Act), benefit triggers will parallel private sector triggers, although it has yet to be determined whether the law will require meeting two or three activities.
CLASS is a federally mandated program in which employed people who do not opt out may prepay for cash LTC benefits without underwriting and with their "premiums," benefits, and benefit triggers determined solely by the Secretary of Health and Human Services based on the program's future actuarial solvency.
Stinson said today's benefit triggers and underwriting evolved together over the past three decades.