Legal document that sets up a trust fund, allocates specific assets contained in the trust, and states rules for carrying out the duties and responsibilities of the trustee for investing and administration.
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An agreement under which certain assets are deposited by one party (the grantor), for the sole benefit of another party (the beneficiary), into an account managed by a third party (the trustee). In reinsurance, such an agreement is typically established to permit a licensed cedant to take credit for non-admitted reinsurance up to the value of the assets in trust.
Tag: USA
Trust fund
1. Type of employer’s funding instrument for retirement accounts and employee benefits. The other types are an insured plan or combination plan . 2. Separate account in the U.S. Treasury, mandated by Congress, whose assets may be used only for a specified purpose. For the supplementary medical insurance (SMI) trust fund, monies not withdrawn for current benefit payments and administrative expenses are invested in interest-bearing federal securities, as required by law; the interest earned is also deposited in the trust fund.
Trust fund plan
Type of retirement plan in which employer and employee contributions are given to a trustee (individual or institution) who invests the funds and may make benefit payments to the participants.
Trust fund ratio
Short-range measure of the adequacy of the trust fund level; defined as the assets at the beginning of the year expressed as a percentage of the outgo during the year.
Trustee
Appointed individual to administer a trust that must manage and safeguard the property according to the conditions stated in the trust. Also called grantee .
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The individual who has been placed in charge of the property of another person or people.
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A person appointed to manage the property of another. Trustee in General Average Two persons appointed by the ship owner and the cargo owners respectively to be trustees of a general average fund.
Trusteed pension plan
See: pension trust fund .
Trustor
Individual who creates a trust that grants the contents of the trust to another person (grantee). Also called grantor or settlor .
TS
HCPCS Level II modifier that may be used with CPT or HCPCS Level II codes indicating follow-up service. When submitting insurance claims, it is required by some Medicaid and state health departments, so check with your state guidelines.
TSA
Acronym for tax-sheltered annuity plan. See Section 403(b) of the Internal Revenue Code .
TT
HCPCS Level II modifier that may be used with CPT or HCPCS Level II codes indicating individualized service provided to more than one patient in the same setting. When submitting insurance claims, it is required by some Medicaid and state health departments, so check with your state guidelines.