You belong to a pension plan. Under the plan, you are supposed to receive $500 a month. However, you skipped some of your scheduled contributions, and now you owe the plan money.
A benefit offset would lower the amount you receive from the fund until your payments to the plan are up-to-date. So you might receive only $400 a month until you get square with the pension program.
These kind of provisions are laid out in the pension rules and fall under a number of governmental regulations. The benefit offsets protect companies and pension plans from freeloaders, but there are rules in place to make sure that these offsets are applied fairly.
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Finance: What is a Beneficiary?25 Views
Finance a la shmoop.. what is a beneficiary? well in Latin, bene is
good so this is like a good place to catch fish...well close not [Old man fishing in the ocean]
really but being a beneficiary is good it means you get stuff like if you are
the beneficiary of weird uncle Al's will then you get his odd collection of hair
balls shaped like US presidents and thirty two thousand two hundred sixty [Uncle Al's will appears]
$9.32... in essence then you are the beneficiary of his will you are the one
set up to benefit by the death of someone who wanted to favor you with
their assets when they had you know passed on to the great beyond where hair [Uncle Al with white wings in heaven]
balls will fall....
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