The present value of the expected future payments by a retirement benefit plan to existing and past employees, attributable to the service already rendered.
Retirement benefit plans whereby retirement benefits to be paid to plan participants are determined by reference to a formula usually based on employees' earnings and/or years of service.
Retirement benefit plans whereby retirement benefits to be paid to plan participants are determined by contributions to a fund together with investment earnings thereon.
The transfer of assets to a separate entity (distinct from the employer's enterprise), the "fund," to meet future obligations for the payment of retirement benefits.
The assets of a retirement benefit plan less its liabilities other than the actuarial present value of promised retirement benefits.
The members of a retirement benefit plan and others who are entitled to benefits under the plan.
Formal or informal arrangements based upon which an enterprise provides benefits for its employees on or after termination of service, which are usually referred to as "termination benefits." These could take the form of annual pension payments or lump-sum payments. Such benefits, or the employer's contributions towards them, should however be determinable or possible of estimation in advance of retirement, from the provisions of a document (i.e., based on a formal arrangement) or from the enterprise's practices (which is referred to as an informal arrangement).
Entitlements, the rights to which, under the terms of a retirement benefit plan, are not conditional on continued employment.