Dictionary of Business Terms: past service benefit
past service benefit
private pension plan credit given to an employee's past service with an employer prior to establishment of a pension plan. Usually, a lower percentage of compensation is credited for benefits for past service than for future service benefits, since the employee's past compensation is likely to be longer than future compensation after a pension plan has been installed.
Dictionary of Insurance Terms: past service benefit
past service benefit
private pension plan credit given for an employee's past service with an employer prior to establishment of a pension plan. Usually, a lower percentage of compensation is credited for benefits for past service than for future service benefits.
