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SJCERA GLOSSARY

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Term Definition
OASDI OASDI is the acronym for Old Age, Survivors and Disability Insurance, which is the Social Security program that provides disability benefits and monthly retirement benefits to those individuals who are fully insured.   Another component of the Social Security program is Medicare, which is administered by HCFA.
Old Age, Survivors, Disability, and Health Insurance (OASDHI) Benefits provided under the Social Security program in the U.S.
Older Worker Benefit Protection Act (OWBPA) A bill passed by Congress in 1991 , it is designed to insure plans must provide benefits equally for older workers. Prohibits the exclusion of benefits based solely on age.
Omnibus Budget Reconciliation Act (OBRA), 1990 Legislation which
(I) increased employer’s cost of obtaining reversion of a terminated defined benefit plan,
(2) created a mechanism, on a limited basis, for the transfer of assets in an over-funded pension plan to a $401 (h) retiree medical account,
(3) extended certain provisions (deductions and income exclusions) which were scheduled to expire,
(4) increased the taxable wage base for Medicare tax to $125,000,
(5) modified applicability of COBRA rules,
(6) increased PBGC premiums, and
(7) provided personal income tax changes which may indirectly affect employee benefits.
Ordinary Life Retirement Trust A trust-funded retirement plan that provides death benefits through the purchase of ordinary or whole life insurance contracts for employees covered. The trust pays premiums on the insurance coverage until the employee reaches retirement age. The trust also accumulates, in an auxiliary fund, the additional sums necessary to purchase the retirement benefits of the plan for the employees, using the paid-up cash value of the life insurance policy for each employee as part of the purchase price of the annuity.