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actuarial increase

Polish translation: podwyższenie renty z racji rozpoczęcia świadczeń po osiągnięciu pełnego wieku emerytalnego

16:10 Feb 15, 2024
English to Polish translations [PRO]
Bus/Financial - Law (general) / retirement plan
English term or phrase: actuarial increase
Does your defined benefit (DB) plan provide actuarial increases to participants who work beyond normal retirement age? It's a nice gesture, but you may be in for a shock. Many people in recent years have chosen to delay their retirements because of the poor economy or simply because people are living longer, and it doesn’t take long for an actuarial increase to make a modest pension benefit look like a lottery jackpot.

DB plans are required to provide an actuarial increase on the normal retirement benefit unless the participant receives a Suspension of Benefits notice shortly before their normal retirement date, saying that their pension payments will be suspended as long as they continue working. Furthermore, even if suspension notices are provided, plans must provide an actuarial increase to benefits beyond age 70½ (even if the plan has changed its Required Minimum Distribution age to 72).

What's an actuarial increase?
An actuarial increase is sort of the opposite of an early retirement factor, which reduces the benefit to compensate for it being paid over a longer timeframe. An actuarial increase compensates for the benefit being paid over a shorter timeframe. For example, a $500 monthly pension starting at age 65 would be equivalent to a larger benefit starting at a later age:
Darius Saczuk
United States
Local time: 04:39
Polish translation:podwyższenie renty z racji rozpoczęcia świadczeń po osiągnięciu pełnego wieku emerytalnego
Explanation:
Rozpoczęcie pobierania świadczeń później niż w chwili osiągnięcia
pełnego wieku emerytalnego (do 70. roku życia) spowoduje podwyższenie comiesięcznej kwoty, jaką świadczeniobiorca będzie otrzymywać do końca życia.

Rozpoczęcie pobierania świadczeń przed osiągnięciem pełnego wieku emerytalnego (na przykład już w wieku 62 lat) spowoduje obniżenie comiesięczne


https://www.ssa.gov/myaccount/assets/materials/PO-05-10706.p...
Selected response from:

Frank Szmulowicz, Ph. D.
United States
Local time: 04:39
Grading comment
Thank you very much, Frank.
4 KudoZ points were awarded for this answer



Summary of answers provided
3podwyższenie renty z racji rozpoczęcia świadczeń po osiągnięciu pełnego wieku emerytalnego
Frank Szmulowicz, Ph. D.
Summary of reference entries provided
findings
liz askew

Discussion entries: 4





  

Answers


8 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
podwyższenie renty z racji rozpoczęcia świadczeń po osiągnięciu pełnego wieku emerytalnego


Explanation:
Rozpoczęcie pobierania świadczeń później niż w chwili osiągnięcia
pełnego wieku emerytalnego (do 70. roku życia) spowoduje podwyższenie comiesięcznej kwoty, jaką świadczeniobiorca będzie otrzymywać do końca życia.

Rozpoczęcie pobierania świadczeń przed osiągnięciem pełnego wieku emerytalnego (na przykład już w wieku 62 lat) spowoduje obniżenie comiesięczne


https://www.ssa.gov/myaccount/assets/materials/PO-05-10706.p...

Frank Szmulowicz, Ph. D.
United States
Local time: 04:39
Works in field
Native speaker of: Native in EnglishEnglish, Native in PolishPolish
PRO pts in category: 2095
Grading comment
Thank you very much, Frank.
Login to enter a peer comment (or grade)




Reference comments


33 mins
Reference: findings

Reference information:
https://bibliotekanauki.pl/articles/23943700

In view of the increasing intensity of activities carried out by potential ... Modele aktuarialne (Eng. Confidence theory. Actuarial models), Wrocław 2005.

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Note added at 34 minutes (2024-02-15 16:45:22 GMT)
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https://www.dbc.wroc.pl/Content/28216/PDF/Marciniuk_Dlugowie...

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Note added at 40 minutes (2024-02-15 16:50:51 GMT)
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https://www.unescwa.org/sd-glossary/actuarial-increase
Term:
Actuarial increase
Definition:

The amount of benefit increase the pension fund member receives calculated based on actuarial assumptions in case of deferred retirement.

liz askew
United Kingdom
Native speaker of: Native in EnglishEnglish
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