Retirement Protection Act of 1994

Definition

Federal legislation enacted in 1994 to protect employees' retirement and pension benefits by requiring employers to better insure the benefits of underfunded plans by maintaining enough cash to cover benefits or pension enrollees or participating in some sort of pension insurance program. The act also provides a number of other benefits for pension participants such as proper notification about the current level of funds present in the pension plan and programs to determine individuals that are owed pension benefits.
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retirement planning retirement readiness