individual account


Also found in: Acronyms.

Individual Account

An account at a brokerage, bank, company or anywhere that a single person is responsible for debits and credits thereto. An individual account contrasts with a joint account and a partnership account, both of which may have more than one account holder.

individual account

A brokerage account opened in the name of one person. Compare joint account.
References in periodicals archive ?
For example, a worker might lose 75 cents of Social Security benefits for each dollar of retirement income from an individual account.
Another discussion is the refreshing and balanced examination of how advance funding the Social Security system, either through individual accounts or through a trust fund, may or may not increase savings in such a way as to increase investment.
The survey revealed that couples who maintain individual accounts do so for a variety of reasons, ranging from independence (30%) to emergencies (21%), and use a wide range of account types (18%) such as savings, business and more.
Replacement rates generated by the second pillar will depend on each worker's contribution history, the interest rate earned on the investments of the assets on the individual account and the retirement age.
The second (the "individual account" plan) addressed the problem mostly with benefit reductions, and would require workers to make an extra 1.6% of pay contribution to individual accounts.
Department of Labor (DoL) issued its final regulation amending SS404(a) of the Employee Retirement Income Security Act of 1974 to require fiduciaries of participant-directed individual account plans to disclose certain plan- and investment-related information to plan participants and beneficiaries.
He maintains that if compulsory deductions are made from the remunerations of an employee, it should be obligatory to make the whole sum available to the worker or to his dependence at a later stage sans any reduction and the worker should be entitled to claim the entire balance lying to the credit of the worker's individual account.
NEW DELHI -- In a crackdown on offshore tax evasion, American authorities have begun a criminal probe into HSBC individual account holders, who may not have disclosed their accounts in India.
This was in violation of her standing instructions to park the amount in an individual account in her name, she alleged.
Second, Plaintiff's financial loss was not a direct result of the Bank's denying her the right to open an individual account, for between that conduct and her impoverishment there was an intervening element, to wit, Cicek's larcenous withdrawals." [...]
Individual contributions were to be increased over time whilst enterprise contributions would decrease by 1 percentage point every 2 years for 10 years until individual contributions accounted for half of the total contributions to the individual account, about 8 percent of total wages.
section 2550.404a-5 which addresses fiduciary requirements for disclosure in participant-directed individual account plans.

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