grandfather clause

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Related to Grandfather rule: grandfather clause, Grandfathered in
  • noun

Words related to grandfather clause

an exemption based on circumstances existing prior to the adoption of some policy

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References in periodicals archive ?
The notice does not define the term "arrangement" for the purpose of determining what is protected by this grandfather rule.
Moreover, it is not yet clear how this Grandfather Rule will apply to plans or agreements that contain "binding" terms that are affected by actions within the discretion of the corporation, such as an employment agreement that guarantees the CEO an annual increase in salary determined by the average rate of increase for all of the corporation's executive officers.
The southern hemisphere nations are now campaigning for the International Rugby Board to scrap the grandfather rule - meaning only players born in a country, or with a parent born there, would be able to play.
In addition, the FDIC adopted MBA's recommendation for a broad exemption for all PMSR purchased on or before February 9, 1990, instead of a six-year grandfather rule for rights acquired before August 9, 1989.
Under the grandfather rule, employers can maintain many of their current health care coverage provisions and are required to make fewer changes to plan documents and administrative procedures in order to comply with the new law.
A grandfather rule would be available for entities listed as corporations that claimed partnership status before publication of the proposed regulations.
Fortunately for foreign enterprises currently operating in China, a grandfather rule exists for those firms that have a heavier business tax after the new rules go into effect.
Of real potential consequence from an international perspective, a pending technical correction would clarify that the grandfather rule does not apply to the section 409A funding requirements, thereby effectively requiring offshore trusts to be "brought back" (physically or by taxation) as of January 1, 2005.