Pennsylvania Code › Title 34 - LABOR AND INDUSTRY › Part VIII - Bureau of Workers' Compensation › Chapter 123 - GENERAL PROVISIONS-PART II › Subchapter A - OFFSET OF UNEMPLOYMENT COMPENSATION,SOCIAL SECURITY (OLD AGE), SEVERANCE ANDPENSION BENEFITS › Section 123.2 - Definitions

Current through Register Vol. 54, No. 28, July 13, 2024
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.