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grandfathered + clock

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22:08 Feb 24, 2006
This question was closed without grading. Reason: No acceptable answer

English to English translations [PRO]
Bus/Financial - Human Resources / Compensation plan
English term or phrase: grandfathered + clock
• 2006 NAR clock is 12 months (plus month 0). Accounts closed in 2005 are grandfathered at a 13 month clock.

NAR stands for New Account Revenue

I do know what is a grandfather clause. But I still don't understand the meaning here.

Does clock mean "reference period"?

Any help would be greatly appreciated

Thx
Michel A.
Local time: 10:10
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Summary of answers provided
4 +2an exception that allows an old rule to continue to apply to some existing situations, when a new ru
Ray Luo


Discussion entries: 5





  

Answers


10 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +2
an exception that allows an old rule to continue to apply to some existing situations, when a new ru


Explanation:
tr.v. grand·fa·thered, grand·fa·ther·ing, grand·fa·thers
To exempt (one involved in an activity or business) from new regulations: The new ordinance restricts the size of billboards, but it grandfathers those erected before 1997.

In American English, a grandfather clause, or grandfather rule, is an exception that allows an old rule to continue to apply to some existing situations, when a new rule will apply instead in all future situations. It is often used as a verb: to "grandfather in" means to grant such an exemption. For example, a "grandfathered power plant" may be exempt from tougher pollution laws.

Often, such a provision is used as a compromise, to effect new rules without upsetting a well-established physical or political situation. As well as being "grandfathered in" to avoid suffering new penalties, people may be "grandfathered in" to receive new benefits they are not otherwise entitled to. For example, if a company has a pension plan and then after a certain date the benefits get better but the already-retired get the benefits, then one might say they were "grandfathered in". This amounts to the same thing as being "retroactively applied".




    Reference: http://en.wikipedia.org/wiki/Grandfathered
Ray Luo
United Kingdom
Local time: 15:10
Native speaker of: Native in ChineseChinese

Peer comments on this answer (and responses from the answerer)
agree  Naikei Wong
7 hrs

agree  Cristina Chaplin
2 days2 hrs
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