Rule of 70 Definition | Law Insider (2024)

  • Qualified employee means an individual who:

  • Social Security Retirement Age means the age used as the retirement age under Section 216(l) of the Social Security Act, applied without regard to the age increase factor and as if the early retirement age under Section 216(l)(2) of such Act were 62.

  • Qualified elector means an individual at least 18 years of age who is a citizen of the United States, a permanent resident of this state, and a resident of the district who registers with the supervisor of elections of a county within which the district lands are located when the registration books are open.

  • Discrimination on the basis of disability means any distinction, exclusion or restriction on the basis of disability which has the purpose or effect of impairing or nullifying the recognition, enjoyment or exercise, on an equal basis with others, of all human rights and fundamental freedoms in the political, economic, social, cultural, civil or any other field. It includes all forms of discrimination, including denial of reasonable accommodation;

  • Retirement Eligible means that the Participant has either attained age 55 and completed ten (10) years of Service as an Employee or attained age 60 and completed five (5) years of Service as an Employee.

  • Qualified disabled veteran means a business entity that is 51% or more owned by one or more veterans with a service- connected disability.

  • Disability Retirement Date means the first day of the month following the last day of paid employment;

  • Termination of Service means:

  • Qualified individual with a disability means an individual with a disability who satisfies the requisite skill, experience, education and other job-related requirements of the employment position such individual holds or desires, and who, with or without reasonable accommodation, can perform the essential functions of such position.

  • Qualified employer means the federal government.

  • Classified employee means a member of the unit.

  • Short-Term Disability means short-term disability as defined in the Corporation’s short-term disability plan.

  • Qualified Retirement means a retirement from Service by the Executive in which, at the time of such retirement, the sum of the Executive’s age and aggregate 12-month completed periods of Service (whether or not such completed 12-month periods are consecutive), in each case without giving credit for any partial years, equals or exceeds 75.

  • Service-disabled veteran means a veteran, as defined in 38 U.S.C. 101(2), with a disability that is service-connected, as defined in 38 U.S.C. 101(16).

  • Normal Retirement Age means the Executive's 65th birthday.

  • Pregnancy disability means a pregnancy-related medical condition or miscarriage.

  • One-Year Break in Service means a twelve (12) consecutive month period during which the Participant does not complete more than 500 Hours of Service.

  • Qualifying Retirement means the Employee’s voluntary termination of employment after the Employee has (i) attained (X) age sixty-five (65), (Y) age fifty-five (55) with ten (10) Years of Service as a full-time employee of the Partnership or any of its Affiliates, or (Z) an age which, when added to such Years of Service of the Employee equals at least seventy-five (75), and (ii) previously delivered a written notice of retirement to the Partnership and on the date of retirement the Employee has satisfied the minimum applicable advance written notice requirement set forth below: Age at Voluntary Termination Number of Years of Advance Notice 58 or younger 59 60 or older 3 years 2 years 1 year By way of illustration, and without limiting the foregoing, if (i) the Employee is eligible to retire at age fifty-nine (59) after ten (10) Years of Service, (ii) the Employee gives two (2) years notice at age fifty-eight (58) that the Employee intends to retire at age sixty (60), and (iii) the Employee later terminates employment at age fifty-nine (59), then the Employee’s retirement at age fifty-nine (59) would not constitute a Qualifying Retirement. However, if (i) the Employee is eligible to retire at age fifty-nine (59) after ten (10) Years of Service, (ii) the Employee gives two (2) years notice at age fifty-eight (58) that the Employee intends to retire at age sixty (60), and (iii) the Employee terminates employment upon reaching age sixty (60), then the Employee’s retirement at age sixty (60) would constitute a Qualifying Retirement.

  • Rule of 70 Definition | Law Insider (2024)

    FAQs

    What is Rule of Law 70? ›

    The rule of 70 is used to determine the number of years it takes for a variable to double by dividing the number 70 by the variable's growth rate. The rule of 70 is generally used to determine how long it would take for an investment to double given the annual rate of return.

    What is the rule of 70 example? ›

    The Rule of 70 Formula

    Hence, the doubling time is simply 70 divided by the constant annual growth rate. For instance, consider a quantity that grows consistently at 5% annually. According to the Rule of 70, it will take 14 years (70/5) for the quantity to double.

    What is the rule of 70 quizlet? ›

    If a variable is growing by x% per period, the doubling time would equal approximately: 70 ÷ x periods. In order for a certain variable to double in N years, the growth rate of that variable must be approximately: 70 ÷ N% per year.

    Is the rule of 70 accurate? ›

    The Rule of 70 assumes a constant rate of growth or return. As a result, the rule can generate inaccurate results since it does not consider changes in future growth rates.

    What is law 70? ›

    Law 70 of Colombia (1993): In Recognition of the Right of Black Colombians to Collectively Own and Occupy their Ancestral Lands. English Translation.

    What is an example of the 70% rule? ›

    ‍To give a better sense of what this means in practicality, we thought it would help to run through an example: A properties ARV is $200,000 and it needs an estimated $30,000 in repairs. The 70% rule states on this occasion, that an investor should pay $110,000. ($200,000 x 70%) – $30,000 = $110,000.

    Why is the rule of 70 important? ›

    The rule of 70 offers a way to figure out the doubling time of an investment. In other words, it shows you how many years it will take for your initial deposit to double in size. You'll need to know the specific rate of return in order to use the rule of 70 or doubling time formula.

    How do you prove the rule of 70? ›

    Definition and Examples of the Rule of 70

    To calculate the doubling time, the investor would simply divide 70 by the annual rate of return. Here's an example: At a 4% growth rate, it would take 17.5 years for a portfolio to double (70/4) At a 7% growth rate, it would take 10 years to double (70/7)

    What does the rule of 70 show us? ›

    What's the “rule of 70?” The rule of 70 is an easy method of estimating how quickly a variable will double if you know its annual growth rate. If a variable is growing at a rate of x% per period, you simply take 70 and divide it by x. The rule of 70 is useful for all sorts of applications.

    What is the rule of 70 is an easy way to estimate? ›

    The rule of 70 approximates how long it will take for the size of an economy to double. The number of years it takes for a country's economy to double in size is equal to 70 divided by the growth rate, in percent.

    How was the rule of 70 made? ›

    Deriving the Rule of 70

    The rule of 70 is simply a result of the mathematics of compounding. Mathematically, an amount after t periods that grows at rate r per period is equal to the starting amount times the exponential of the growth rate r times the number of periods t. This is shown by the formula above.

    Why is 70 the magic number? ›

    The rule of 70 states that in order to estimate the number of years for a variable to double, take the number 70 and divide it by the growth rate of the variable.

    Why is the rule of 72 useful if the answer will not be exact? ›

    The rule of 72 can help you get a rough estimate of how long it will take you to double your money at a fixed annual interest rate. If you have an average rate of return and a current balance, you can project how long your investments will take to double.

    What is the rule of 70 for severance? ›

    Extension of Benefits Under Rule of 70

    To be eligible to retire, you must be at least age 55 with 10 years of service or age 65. Years of service for the “Rule of 70” eligibility purposes, means total years of employment from date of hire to date of termination. Medicare.

    What is the Federal Rule 70? ›

    If real or personal property is within the district, the court in lieu of directing a conveyance thereof may enter a judgment divesting the title of any party and vesting it in others and such judgment has the effect of a conveyance executed in due form of law.

    How does the rule of 70 work for retirement? ›

    The 70% rule for retirement savings can help you estimate the amount of income you may need in retirement. It says you'll need 70% of your pre-retirement, post-tax income to retire comfortably.

    What is the rule of 70 for termination? ›

    Requirements of the Rule of 70

    You must be an active Death and Disability Plan participant with at least five years of plan participation. The sum of your age and years of plan participation at termination must equal 70 or more.

    What is the rule 63 in law? ›

    If a judge conducting a hearing or trial is unable to proceed, any other judge may proceed upon certifying familiarity with the record and determining that the case may be completed without prejudice to the parties.

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