DEFINITION of 'Nonrenewable Resource'. A resource of economic value that cannot be readily replaced by natural means on a level equal to its consumption. Most fossil fuels, such as oil, natural gas and coal are considered nonrenewable resources in that their use is not sustainable because their formation takes billions of years.
Election-Enrollment in, or voluntary disenrollment from, an MMP, an MA plan or the traditional Medicare fee-for-service program (âOriginal Medicareâ) constitutes an election (disenrollment from Original Medicare would occur only when an individual enrolls in an MMP or MA plan).
A defined benefit plan provides annuity forms of benefit based on a formula, regardless of contributions or earnings experience. Common examples of defined contribution plans include profitsharing, stock bonus, money purchase, and 401(k) plans. An ESOP is another type of defined contribution retirement plan.3 An ESOP sponsor has several plan design alternatives, but an ESOP must contain a stock bonus plan element to satisfy IRC Â§4975(e)(7) and qualify as an ESOP.