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Rucksack (this context)

English translation: rollover/transfer to...for example, a new retirement savings plan

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
German term or phrase:Rucksack (this context)
English translation:rollover/transfer to...for example, a new retirement savings plan
Entered by: Beth Kantus
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19:46 Oct 20, 2002
German to English translations [PRO]
Bus/Financial
German term or phrase: Rucksack (this context)
context: powerpoint presentation on the new settlement regulations for company pension plans

VOR UND NACHTEILE DER 'ABFERTIGUNG NEU' - ARBEITNEHMER
VORTEILE
-sofortiger Anspruch gegenüber der MV-Kasse
-Anspruch (auch bei Selbstkündigung)
-Steuerfreiheit bei Rentenauszahlung
-Wahlrecht des Arbeitnehmers:
Auszahlung oder Rucksack

NACHTEILE
-idR geringere Abfertigungsauszahlungen
-Rendite nicht garantiert
-Verlust der begünstigten Besteuerung der freiwilligen Abfertigung

I thought of "piggyback" but am not sure what is meant here, could this mean the employees can choose either a lump sum payment or some type of annuity?

TIA, Beth
Beth Kantus
United States
Local time: 02:51
transfer to ....for example: a future employer
Explanation:
is the way I read it (but I could be completely wrong, since it also reads "settlement regulations") - the employee can choose whether the fund is paid out or transferred to a future employer, where the fund will continue to run...
Selected response from:

Klaus Dorn
Local time: 09:51
Grading comment
I decided to use rollover (a transfer of funds from one pension/retirement savings plan to a different one). Bottom line, that also represents a preservation of benefits; however in this context it was listed as an employee benefit, so I felt it would be more likely here that the employee takes it with him rather than having it frozen in the former employer's pension plan. Although even that would be an advantage over having to receive (and pay taxes on) a payout. Freezing might be an attractive alternative, for example, if the former employer's plan has a guaranteed interest rate option that is not available under the new employer's plan, but to me the term Rucksack also implied movement, or transfer. I could be wrong, and have asked the client for clarification just in case.
Thanks to you both for your help!
4 KudoZ points were awarded for this answer

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Summary of answers provided
4 +1preservation of benefits ("rucksack")
Deborah Shannon
2transfer to ....for example: a future employerKlaus Dorn


  

Answers


5 mins   confidence: Answerer confidence 2/5Answerer confidence 2/5
transfer to ....for example: a future employer


Explanation:
is the way I read it (but I could be completely wrong, since it also reads "settlement regulations") - the employee can choose whether the fund is paid out or transferred to a future employer, where the fund will continue to run...

Klaus Dorn
Local time: 09:51
Native speaker of: Native in EnglishEnglish, Native in GermanGerman
PRO pts in pair: 1514
Grading comment
I decided to use rollover (a transfer of funds from one pension/retirement savings plan to a different one). Bottom line, that also represents a preservation of benefits; however in this context it was listed as an employee benefit, so I felt it would be more likely here that the employee takes it with him rather than having it frozen in the former employer's pension plan. Although even that would be an advantage over having to receive (and pay taxes on) a payout. Freezing might be an attractive alternative, for example, if the former employer's plan has a guaranteed interest rate option that is not available under the new employer's plan, but to me the term Rucksack also implied movement, or transfer. I could be wrong, and have asked the client for clarification just in case.
Thanks to you both for your help!
Login to enter a peer comment (or grade)

38 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
preservation of benefits ("rucksack")


Explanation:
Going by the source below, 'Rucksack' is a colloquial way to say that benefits are preserved in the pension scheme. I'm not sure there's an equivalent colloquialism in English, but the way it's used here might suit your purpose (i.e. "rucksack" appended in brackets for additional clarification).

"Wann besteht kein Anspruch auf Auszahlung?

Kein Anspruch auf Auszahlung der Abfertigung besteht
- bei Selbstkündigung (Kündigung durch den Arbeitnehmer), 
- oder bei unberechtigtem vorzeitigem Austritt 
- oder bei verschuldeter Entlassung.
In diesen Fällen verbleiben die eingezahlten Beiträge in der MV-Kasse; diese bleiben dem Arbeitnehmer erhalten (Rucksack)."


    Reference: http://www.wko.at/abfertigungneu/ar6.htm
Deborah Shannon
Germany
Local time: 08:51
Native speaker of: Native in EnglishEnglish
PRO pts in pair: 707

Peer comments on this answer (and responses from the answerer)
agree  Steffen Walter
12 hrs
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