beneficiary — Term used to refer to the person who receives the benefits of a trust or the recipient of the proceeds of a life insurance policy. Bloomberg Financial Dictionary * * * beneficiary ben‧e‧fi‧cia‧ry [ˌbenˈfɪʆəri ǁ ˈfɪʆieri] noun beneficiaries… … Financial and business terms
Plan Participant — A plan participant either contributes into a pension plan or is in a position to receive benefit payments from the plan. It includes a retired person receiving distributions from a pension plan, or a beneficiary or dependent named by a… … Investment dictionary
529 plan — A 529 plan is a tax advantaged investment vehicle in the United States designed to encourage saving for the future higher education expenses of a designated beneficiary. Overview 529 plans are named after section 529 of the Internal Revenue Code … Wikipedia
Registered Education Savings Plan - RESP — A savings plan sponsored by the Canadian government that encourages investing in a child s future post secondary education. Subscribers to an RESP make contributions that build up tax free earnings tax free because subscribers cannot deduct… … Investment dictionary
Named Beneficiary — This term refers to any beneficiary named in a will, a trust, an insurance policy, pension plan accounts, IRAs, or any other instrument, to whom benefits are paid. Named beneficiaries are the beneficial owners of the property and will share in… … Investment dictionary
Absolute Beneficiary — A designation of a beneficiary that can not be changed without the written consent of that beneficiary. Also referred to as an irrevocable beneficiary , absolute beneficiaries can also refer to a trust, an employee benefit plan such as a pension … Investment dictionary
Voluntary Employee Beneficiary Association — IRS DefinitionA voluntary employees beneficiary association (VEBA) under Internal Revenue Code section 501(c)(9) is an organization organized to pay life, sick, accident, and similar benefits to members or their dependents, or designated… … Wikipedia
Designated Beneficiary — The person who determines how long the retirement plan will survive as a tax deferred vehicle under the laws governing certain retirement plans. The designated beneficiary must be a person, or in certain situations, a trust for designated… … Investment dictionary
Non-Spouse Beneficiary Rollover — A retirement plan asset rollover performed in the event of the death of the account holder, where the recipient is not the spouse of the deceased. The most common practice for a non spouse beneficiary rollover, is that the recipient receives the… … Investment dictionary
529 Savings Plan — A tax advantaged method of saving for future college expenses that is authorized by Section 529 of the Internal Revenue Code. The plan allows an account holder to establish a college savings account for a beneficiary and use the money to pay for… … Investment dictionary
Pay As You Go Pension Plan — A retirement scheme where the plan beneficiaries decide how much they want to contribute either by having the specified amount regularly deducted from their paycheck or by contributing the desired amount in a lump sum. A pay as you go pension… … Investment dictionary