(redirected from grandfathered)
Also found in: Dictionary, Thesaurus, Medical, Legal, Financial, Encyclopedia.

(a) grandfather clause

a clause in an agreement that protects certain rights granted in the past even when conditions change in the future. The contract contained a grandfather clause that protected my pension payments against claims such as might arise from a future lawsuit.
See also: grandfather

grandfather someone or something in

to protect someone or a right through the use of a grandfather clause. My payments were grandfathered in years ago.
See also: grandfather
References in periodicals archive ?
He argues that losing grandfathered status would not be that costly for most plans.
That's up to you, but my guess is that the extra amount most companies would pay to maintain their grandfathered status year after year will be more than they would pay by going with one of the new plans.
Employers and other plan sponsors must weigh the design and operation changes required for the grandfathered health plan exemption against the cost of limited flexibility.
Plans can maintain their grandfathered status as long as they do not significantly reduce benefits, raise co-payments or deductibles more than the rate of medical inflation plus 15 percent, switch insurers, add or tighten annual limits, or lower employer contributions by 5 or more percent.
Over the years, the Service has issued numerous rulings on changes that will cause a trust to lose its grandfathered status.
But Mayor Jo Anne Darcy and other city officials argue that instituting grandfathered rights at this point would be more unfair to businesses that already have conformed to the sign ordinance, as nearly 76 percent of businesses have complied.
If a buyer that is not grandfathered stockholder becomes a 10% owner in the Company, all Rights holders except the buyer will be entitled to purchase the Company's stock at a price discounted from the then market price.
In years in which an excess distribution was made, the regulations provided two alternative methods to recover the grandfathered amount--the discretionary method and the attained age method.
Instead the MVRMA grandfathered certain projects and provided that others yet would be dealt with under prior applicable legislation.
For small nonprofit organizations without a grandfathered Sec.
The EUB, at the request of the gas well operator, will further exempt from shut-in grandfathered gas (in zones completed prior to July 1, 1998) which is not associated with potential commercially recoverable bitumen.
Making the grandfather election does not eliminate the potential excise tax, since the grandfathered amount is included to determine if the excise tax applies.
introduces proven delivery process to meet new TCEQ Grandfathered Sources Permitting Rules and Deadlines.
Therefore, taxpayers contemplating an exchange of an older insurance or annuity contract should consider the possible loss of grandfathered benefits before such an exchange.