Deferment of a fraction of an executive’s salary to supplement retirement income. The employer and employee must write an agreement stating the length of the deferral period, per the IRS. This plan is used to encourage employee loyalty.
Insurance Encyclopedia
Deferred group annuity
Type of group annuity contract that provides for the purchase each year of a paid-up deferred annuity for each member of the group, the total amount received by the member at retirement being the sum of these deferred annuities.
Deferred group annuity (Annuity)
A group annuity contract that allows for the annual purchase of a paid-up, deferred annuity for each one in the group. The total of the annuity payments usually begins at retirement.
Deferred life annuity
Type of plan that provides a series of payments only if a designated person is alive.
Deferred nonemergency care
Health care (medical or dental) that can be delayed without risk to the patient’s physical condition such as eye refraction, immunizations, and dental prophylaxis).
Deferred Payment Credit
Type of letter of credit providing for payment sometime after presentation of shipping documents by exporter.
Deferred Payments
Money payments to be made at some future date.
Deferred Payments Bonds
Bonds issued to the lender of money guaranteeing return of money by the loanee at some future date.
Deferred pension/preserved pension
1. A pension based on accrued benefits from an individual’s membership of a previous pension scheme. The preserved benefits remain frozen until the scheme’s normal retirement age for members with two or more years service. In final salary schemes the deferred pension can attract See discretionary benefits. DEFERRED PENSIONER. 2. The term is also used when a member takes a pension later than the normal retirement age.
Deferred pensioner
A former active member of an occupational pension scheme whose benefits remain in the scheme as preserved benefits until transferred to a new scheme or a personal pension or drawn as a pension at a later date. See DEFERRED PENSION.