settlement
In the United States,
an irrevocable action that relieves the plan or plan sponsor of the
obligation for a pension benefit and that eliminates the risk to the
plan assets used to carry out the
settlement. One example of a settlement is
payment
of a
lump-sum
benefit to a
plan
participant,
thus discharging any further benefit obligation to
the participant.
Settlement is defined in FASB Statement
No. 88.
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