What is ‘Past Service’
Service to an employer that is recognized for the defined benefit pension plan purposes, but either occurred before the employee was a member in the plan, or before the plans inception. Employees have the option to purchase past service, by cash or by qualified retirement plan roll-over, to increase their years of service in the calculation of their retirement pension.
Explaining ‘Past Service’
In cases where employees are considering rolling over the assets from their qualified retirement plan, it is often wise to first consult a financial planner. Depending on a number of factors, such as employee life expectancy, marital status and quality of the pension plan, it may or may not be beneficial to make the roll-over.
Further Reading
- Changes in the value-relevance of earnings and book values over the past forty years – www.sciencedirect.com [PDF]
- Behavioral economics: Past, present, and future – pubs.aeaweb.org [PDF]
- The efficiency of financial institutions: A review and preview of research past, present and future – www.sciencedirect.com [PDF]
- Trends in park tourism: Economics, finance and management – www.tandfonline.com [PDF]
- Ridesharing in North America: Past, present, and future – www.tandfonline.com [PDF]
- Real estate education: past, present and future—the search for a discipline – onlinelibrary.wiley.com [PDF]
- Executive succession: Past, present & future – journals.sagepub.com [PDF]
- Past abuses and future uses of private finance and public private partnerships in transport – www.tandfonline.com [PDF]
- The economics of mobile payments: Understanding stakeholder issues for an emerging financial technology application – www.sciencedirect.com [PDF]
- Field experiments in economics: The past, the present, and the future – www.sciencedirect.com [PDF]
