34 Pa. Code § 123.2
The following words and terms, when used in this chapter, have the following meanings, unless the context clearly indicates otherwise:
ADR-Alternative Dispute Resolution.
Act-The Workers' Compensation Act (77 P. S. §§ 1-2626).
Actuarial equivalent-The value of lump-sum pension payout in terms of a monthly benefit if the funds had been used to purchase an annuity (either qualified joint and survivor or life annuity) available on the market, considering interest and mortality, at the time of the employe's receipt of the lump-sum benefit.
CBA-Collective Bargaining Agreements.
Defined-benefit plan-A pension plan in which the benefit level is established at the commencement of the plan and actuarial calculations determine the varying contributions necessary to fund the benefit at an employe's retirement.
Defined-contribution plan-A pension plan which provides for an individual account for each participant and for benefits based solely upon the amount of accumulated contributions and earnings in the participant's account. At the time of retirement the accumulated contributions and earnings determine the amount of the participant's benefit either in the form of a lump-sum distribution or annuity.
IRA-An individual retirement account as that term is utilized in 26 U.S.C.A. §§ 219 and 408(a).
IRE-Impairment Rating Evaluation.
Multi-employer pension plan-A plan to which more than one employer is required to contribute and is maintained under one or more collective bargaining agreements between one or more employe organizations and more than one employer.
Net-The amount of unemployment compensation, Social Security (old age), severance or pension benefits received by the employe after required deductions for local, State and Federal taxes and amounts deducted under the Federal Insurance Contributions Act (FICA) ( 26 U.S.C.A. §§ 3101 - 3126.
Pension-A plan or fund established or maintained by an employer, an employe organization, or both, which provides retirement income, in the form of retirement or disability benefits to employes or which results in deferral of income by employes extending to termination of employment and beyond.
Severance benefit-A benefit which is taxable to the employe and paid as a result of the employe's separation from employment by the employer liable for the payment of workers' compensation, including benefits in the form of tangible property. The term does not include payments received by the employee based on unused vacation or sick leave or otherwise earned income.
Social Security (old age) benefits-Benefits received by an employee under the Social Security Act (42 U.S.C.A. §§ 301 - 1397(e)) relating to Social Security retirement income.
34 Pa. Code § 123.2