Explore definitions of longevity and life settlements sectors terminology beginning with a number.
This glossary provides concise explanations of terminology commonly used in the longevity and life settlements sectors. Below you'll find terms beginning with a number.
- 1035 Exchange
1035 Exchange is an internal replacement function that permits the deferral and non-recognition of a taxable gain in a policy upon surrender. In effect a tax-free exchange of an existing annuity contract for a new one.
- 401(k) Plan
401(k) Plan is a qualified employment-based retirement savings plan established by employers that allows employees to make tax-deferred contributions from current earnings which additionally an employer may match on behalf of the employees. Employers may also add a profit-sharing feature to the plan.
- 403(b) Plan
403(b) Plan: A retirement savings plan, similar to a 401(k), for certain employees of charitable and educational organizations. Also known as a Tax-Sheltered Annuity (TSA) plan.
- 457 Plan
457 Plan: This is a non-qualified, deferred compensation plan, similar to a 401(k), for employees of state and municipal governments.
