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settlement (of employee benefit obligations)
A transaction that eliminates all further legal or constructive obligation for part or all of the benefits provided under a defined benefit plan, for example, when a lump-sum cash payment is made to, or on behalf of, plan participants in exchange for their rights to receive specified post-employment benefits.
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- Part of Speech: noun
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- Blossary:
- Industry/Domain: Financial services
- Category: Accountancy
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