Merriam-Webster's online dictionary defines "pro rata" as "proportionately according to an exactly calculable factor." In terms of salary, pro rata refers to the proportion, or percentage, a part-time ...
Note: This article is part of Morningstar's 2018 Guide to IRAs special report. A version of this article appeared on Oct. 10, 2016. At first blush, the term "pro rata" sounds like the worst type of ...