Withdrawal Benefits

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Withdrawal Benefits

The right of an employee to contributions made to his/her employer-sponsored retirement plan when he/she leaves an employer. The employee has withdrawal benefits to all his/her own contributions and all interest earned. He/she may have a right to employer contributions, but only if they are vested. See also: Rollover.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
References in periodicals archive ?
Lincoln Retirement Safeguard fixed indexed annuity and the Guaranteed Lifetime Withdrawal Benefit are issued by The Lincoln National Life Insurance company, Fort Wayne, IN.
Guaranteed lifetime withdrawal benefit riders (GLWBs) guarantee that the client will be able to withdraw a certain percentage of the value of his or her annuity benefit base, which has been growing by a guaranteed amount over the course of the annuity deferral period.
The first strategy focuses on straightforward RIGs that can currently be made available in DC plans, including single premium immediate annuities (SPIAs), guaranteed lifetime withdrawal benefit (GLWB) annuities, and systematic withdrawal plans (SWPs) using invested assets.
First introduced in 2002, a guaranteed minimum withdrawal benefit (GMWB) rider guarantees that a certain percentage (usually 4 percent to 6 percent) of the amount invested can be withdrawn annually until the entire amount is recovered, regardless of market performance.
Low interest rates have also spurred the proliferation of guaranteed lifetime withdrawal benefit riders.
For example, an insurance company will guarantee that withdrawals beginning after age 65 will comprise at least 5% of the annual guaranteed withdrawal benefit amount (GWBA).
* Among other conditions, the deferred annuities cannot provide a guaranteed lifetime withdrawal benefit (GLWB) or a guaranteed minimum withdrawal benefit (GMWB).
* Some of the TDFs available to participants in older age groups offer deferred annuities, and none of the deferred annuities offers a guaranteed lifetime withdrawal benefit or guaranteed minimum withdrawal benefit, both of which guarantee payments despite the fund's performance.
In certain trading annuities, when income is to be turned on, there is a SPIA-like withdrawal benefit that offers an exclusion ratio.
In addition to the free ATM withdrawal benefit, all Mashreq Platinum Visa Debit Card members will get rewards in the form of 1 Salm point for every AED 1 spent at any merchant outlet overseas and 1 Salm point for every AED 2 spent at any merchant outlet in the UAE.
In addition to the free ATM withdrawal benefit, all Mashreq Platinum Visa Debit Card members will get rewards in the form of 1 Salm point for every Dh1 spent at any merchant outlet overseas and 1 Salm point for every Dh2 spent at any merchant outlet in the UAE.