retire

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retire

1. To discontinue formal employment or work at a specific place or task. In the past, in many industries, educational institutions, and public service, retirement was mandated when an employee had attained a specified age. This practice has lost its attractiveness to a large segment of the workforce, esp. among those who enjoy work. See: recreation
2. To go to bed.
References in periodicals archive ?
Mitigating the Excise Tax According to Aon Hewitt's survey, 84 percent of companies say they plan to make changes to their pre-65 retiree strategies to mitigate the excise tax on high cost employer health plans when it goes into effect in 2018.
By 2010, 32 percent of workers expected retiree health benefits, while only 25 percent of early retirees and 16 percent of Medicare-eligible retirees had them, Fronstin says.
As the population is aging and the demand for services is growing, UnitedHealthcare's Connector Model allows employers to 'hand off' the plan administration burden while still offering meaningful retiree plan choices without overwhelming the retiree," says Funk.
Many retirees because they were told they had to enroll in Medicare did so, and yet the city allowed them to remain on conventional plans.
Some retirees could receive payments from both departments, but officials hope to synchronize the process to limit confusion for retirees.
Nearly all employers that provide retiree health benefits cover disabled retirees and approximately 90 percent cover early retirees.
According to this calculation, retiree liabilities would be cut in half.
These steps allow a corporation to "catch up" and then to stay current with its retiree health benefits obligations.
Faced with exploding health-care liability costs, many companies have launched plans to reduce, or even eliminate, their retiree medical benefits.
In December 1990, FASB approved FAS 106, which requires companies to record unfunded retiree health liabilities on financial statements, effective for fiscal years beginning after December 15, 1992.
The requirement to recognize retiree health care liabilities on financial statements has heightened awareness of the potential cost of providing these benefits.

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