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Pension loans allow retirees to borrow against the value of their pension. These should be approached with caution due to potential interest and impacting retirement income.

Pension advances are lump-sum payments or loans that retirees agree to repay with their future pension benefits. Seniors should be cautious as these may come with high-interest rates and fees.

A lump-sum distribution is a one-time payment for the entire value of the retiree's pension or retirement account. Seniors need to manage the funds carefully to ensure their longevity.

Delayed retirement credits are increases in pension benefits that occur when an individual postpones retirement past their normal retirement age, which can enhance financial stability in later years.

Under certain retirement plans, such as qualified plans governed by ERISA, spousal consent may be required for a retiree to choose a specific distribution option or name a non-spouse beneficiary.

A Qualified Domestic Relations Order (QDRO) is a legal document that recognizes a spouse's right to receive a predetermined portion of their partner's retirement plan in the event of divorce or legal separation.

Beneficiary designations determine who will receive pension benefits in the event of the pension holder's death. It is crucial for seniors to keep this information updated to reflect their current wishes.

A single-life annuity provides a pension benefit only for the lifetime of the retiree, with no survivor benefits. This option often yields a higher monthly benefit but can leave dependents vulnerable.

The Employee Retirement Income Security Act (ERISA) sets minimum standards for most voluntarily established pension and health plans to protect individuals in these plans.

A rollover involves transferring the funds from a retirement plan to a new plan or IRA. This can occur when changing jobs or retiring and allows for continued tax-deferred growth.

A defined benefit plan guarantees a specific retirement benefit amount. The payout usually depends on salary history and years of service, making it vital for seniors to understand their expected pension.

A joint and survivor annuity ensures that pension benefits continue to be paid to a spouse or another beneficiary after the pension holder's death, providing financial security for surviving dependents.

A defined contribution plan, like a 401(k), involves the employee and sometimes the employer contributing a specific amount into an account, where the retirement benefit depends on investment performance.

The IRS requires retirees to start taking minimum distributions from most retirement plans at age 72 to ensure that these savings are eventually taxed. Planning is important to minimize tax consequences.

In-service withdrawals allow employees to withdraw funds from their pension or retirement plan while still employed. However, early withdrawals may be subject to penalties and taxes.

Early retirement incentives are offered by employers to encourage employees to retire sooner, typically through additional pension benefits. It's vital for seniors to assess how this may affect their long-term retirement security.

Portability in pension plans refers to the ability to move retirement benefits from one employer's plan to another's or to an individual retirement account, especially important during career changes.

Vesting refers to a legal right to certain benefits from a pension plan, earned over time. Seniors reach full vesting after a required number of years, securing access to their pension upon retirement.

The PBGC is a federal agency that protects the retirement incomes of American workers in private-sector defined benefit pension plans. It acts as insurance in case an employer cannot meet their pension obligations.