COST AVOIDANCE Definition

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COST AVOIDANCE is an action taken in the present designed to decrease costs in the future.

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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.

COLLECTIBLE is an amount subject to or requiring payment especially as specified, e.g. a collectible bill.

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