ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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THREE PERCENT (3%) RULE Definition
THREE PERCENT (3%) RULE is a rule used in vesting pension plan benefits. The participants accrued benefit must be at least equal to 3% of the participants normal projected retirement benefit for each year of participation, with a maximum of 100% after 33 1/3 years of participation.
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SUBORDINATED DEBENTURE, in securities, is a debt issue whose claim on assets is subordinated to that of general creditors in the event of a liquidation, as stated in the bond indenture.
BOOKS OF RECORD are all mandatory entries into those documents that track the activity, events, or decisions pertaining to the subject for which the records are maintained, e.g., board of director minutes, births or deaths, and marriage licenses.