A liability that is obligatory for employees who work in a financial capability to ensure the proper handling of pensions and benefits.
Insurance Encyclopedia
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.
Employee welfare benefit plan (Pensions)
Any employer-maintained plan, offering policyholders and their dependents services or benefits upon illness, death, or unemployment. These may include medical care or other benefits.
Employee-pay-all plan
Group insurance plan in which the employees pay all of the premium.
Employee-selected physician
In workers’ compensation cases, a physician or medical facility chosen by the employee more than 30 days from the date of when the injury is reported.