Retirement Benefit Law and Legal Definition
Retirement benefit means any benefit received upon retiring from employment, under a formal or informal benefit plan. It is also a benefit payable upon the death of one retired to his beneficiary under a retirement plan calling for the payment of amounts periodically by way of pension or retirement money.
Retirement benefits are exempt from taxation, including any inheritance tax, whether state, county, municipal, or district. Also, they are not subject to execution or any other process of court. [Estate of Simpson, 43 Cal. 2d 594, 596 (Cal. 1954)].
Legal Definition list
Related Legal Terms
- Accelerated Benefits (Health Care)
- Accelerated Death Benefit
- Accelerated Life Insurance Benefits
- Acceptance-of-the-Benefits Rule
- Accidental Death Benefit
- Accord Benefit [Patents]
- Accrued Benefit
- Actuarial Experience [Employee Retirement]
- Actuarial Services [Employee Retirement]
- Actuarially Sound Retirement System