benefits


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Benefit

In annuities, insurance and some government programs, the amount of money one receives under certain, stated circumstances. Benefits commonly refer to periodic payments one begins to receive following retirement, but they may also refer to welfare payments like rental assistance or food stamps. In general, benefits may be fixed at a certain amount (often determined by the amount one has contributed in premiums or taxes) or may vary according to inflation or an underlying investment portfolio.

benefits

In eminent domain cases, the concept of “benefit” comes into play because property owners may receive an enhancement in the value of their remaining property after the condemnation.If the enhancement is special to them, or only a very few owners, rather than the general betterment enjoyed by the public at large by the anticipated improvements, then any condemnation award to them may be reduced by the amount of the benefits.

Example: Ken owns 5 acres of land near an eight-lane city thoroughfare. The only thing pre- venting him from having valuable road frontage is a 2-foot-deep strip of land still owned by Elsie. This is the only land remaining to Elsie after successive road widenings over the years. The city decides to widen the road again and takes all the rest of Elsie's land and a 15-foot-deep strip of Ken's land. The city is liable to Ken for the 15-foot sliver, but Ken suddenly has 5 acres of extremely valuable road frontage property. Ken probably won't receive a check from the city because of the special benefits he received from the condemnation.

References in periodicals archive ?
For example, assume a husband and wife are both born in 1944 and choose to start Social Security benefits in 2006.
Whether or not the period of time of service of the former employer will count toward the vesting of the other post-employment benefits of the current employer usually depends on whether or not there is a written agreement on this issue between the entities.
The trust document funding a WBP will specify when and how benefits can be paid.
The IRS noted that generally workers' compensation benefits are not taxable under IRC section 104(a)(1).
Furthermore, the analysis suggests that, as the increasing costs of health benefits crowd out cash wages, turnover rates for top-performing employees increase.
With new legislation on its way in California, more companies will likely offer domestic partner benefits, especially as lawmakers strive to increase equality in the workplace.
Making sure benefits plans have components that include preventative medicine so employees are not waiting until a problem gets serious before seeing a doctor, is important, she adds.
Medicare costs approximately $269 billion a year but does not contain an outpatient prescription drug benefit.
Each of the cells of the matrix represents a stream of benefits from a library service to a particular class of customer.
Using the conventional approach, they estimated that implementing BACT would result in 210 fewer deaths per year in the target area, with approximately 25% of the benefits accruing to individuals with less than a high school education.
Thus, once benefits have accrued -- even if they are benefits that the employer was not required to provide -- the employer may not reduce those benefits without imperiling the qualified status of the plan.