Term life group insurance policy for employees of an employer.
Insurance Encyclopedia
Employee pension benefit plan (Pensions)
An employer-created-and-maintained program that offers retirement benefits or defers income until the employee is terminated.
Employee Retirement Income Security Act (ERISA)
Federal legislation enacted in 1974 that protects pension rights of employees, prohibits states from applying specific mandates to self-insured group health benefit plans, and shields self-insured employers from paying premium taxes, which insurance companies and managed care plans must do. Additional ERISA provisions require that health plans provide a description of the benefits of the plan, identify the persons responsible for operating the plan, explain the arrangements for funding and amending the plan, provide an explanation of benefits (EOB) when a claim is denied, and provide information on members’ rights of appeal if a claim has been denied. The Department of Labor administers the law. Also called the Pension Reform Act .
Employee Retirement Income Security Act (ERISA) liability (Liability)
A liability that is obligatory for employees who work in a financial capability to ensure the proper handling of pensions and benefits.
Employee Retirement Income Security Act (ERISA) of 1974
Federal law that established rules and regulations to govern employer-provided pensions and other employee benefits provided to U.S. employees.
Employee Retirement Income Security Act (Life Insurance)
An act outlining federal criteria concerning pension plans, including participation requirements, financial responsibility, and financing.
Employee Retirement Income Security Act of 1974 (ERISA)
Federal law that affects pension and profit-sharing plans. Among other provisions, this law specifies a published summary plan must be distributed to participants within 120 days after adoption of the plan and within ninety days after an employee becomes a participant. The law requires that a summary plan description be issued every five years.
employee stock ownership plan (ESOP)
Qualified employee-benefit plan that invests some or all plan assets in employer stock. Under ERISA, an ESOP is a qualified stock bonus plan or a combination qualified stock bonus plan and defined contribution pension plan that invests in employer securities. The employer’s contributions are tax deductible for the employer and tax deferred for the employee.
Employee stock ownership plan (Pensions)
An employee plan under which qualified employees are offered part ownership in the company they are employed by. Under this type of plan, stock certificates are produced and maintained in trust for the employee.
Employee trustees
Employees appointed as trustees of their employer’s occupational pension scheme. Dismissal or redundancy is treated as unfair if prompted by the performance of their trustee duties. They do not have to be member-nominated employees to benefit from the protection under the Employment Rights Act 1996.