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pension |
definition |
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Summary:
Lump sum payments in the nature of severance pay which are frequently made to employees taking early retirement whether voluntarily or because of being laid off, and whether based on years of service or merely a negotiated round figure are not retirement pensions.
The Town had a retirement policy which required a payment as retirement allowance but no pension plan. This payment has none of the indicia of a pension. Not an actual calculation based on years of service or contributions but a sum chosen to compensate in part for loss of earnings up to retirement.
