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Unit Benefit Formula |
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Unit benefit formula Method used to determine a participant's benefits in a defined benefit plan. Involves multiplying years of service by the percentage of salary. Unit Benefit Formula In a defined-benefit plan, a method used to determine how much money the beneficiary receives each month. A defined-benefit plan is a retirement plan or other annuity in which the annuitant knows in advance how much he/she will be entitled to when he/she begins receiving payments. The unit benefit formula is thus stated in the annuity contract and is usually some function of the amount the annuitant contributed combined with the number of years he/she contributed. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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