Bookkeeping account that is kept to determine if a defined benefit pension plan (DBPP) meets minimum funding standards set by law. Some of the entries to the account are derived actuarially. Failure to satisfy minimum funding standards can cause penalty taxes and enforcement actions. Also called minimum funding standard account and minimum funding standards .

Legal document (insurance contract) that states the policies and management of pension funds by a funding agency such as an insurance company. Also called funding instrument .

Insurance provision that allows an insured individual to buy additional stated amounts of life or disability income insurance at certain future dates without consideration of the insured’s physical condition. Also called guaranteed insurability option .
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A provision found in some policies that allows the insured to purchase additional disability income insurance at specified future dates regardless of the insured’s physical condition.

In workers’ compensation cases, potential medical care that may be necessary to maintain an injured worker’s best possible condition or handle deterioration from the effects of an injury over time. Monetary awards for future medical treatment are established when a worker’s condition is permanent and stationary (P & S).

Employee’s projected service given to an employer from the date of the beginning of a pension plan or from the current date to the date of the employee’s retirement. Pension benefits for this service are known as future service benefits .