Employee Benefit Plan

Employee Benefit Plan Definition (in the Accounting Vocabulary)

The New York State Society of Certified Public Accountants offers the following definition of Employee Benefit Plan in a way that is easy for anybody to understand: Compensation arrangement, generally in writing, used by employers in addition to salary or wages. Some plans such as group term life insurance, medical insurance and qualified retirement plans are treated favorably under the tax law. Most common qualified retirement plans are: (1) defined benefit plans – a promise to pay participants specified benefits that are determinable and based on such factors as age, years of service, and compensation; or (2) defined contribution plans – provide an individual account for each participant and benefits based on items such as amounts contributed to the account by the employer and employee and investment experience. This type includes PROFIT-SHARING PLANS, EMPLOYEE STOCK OWNERSHIP PLANS and 401(k) PLANS.

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Legal English Vocabulary: Employee Benefit Plan in Spanish

Online translation of the English legal term employee benefit plan into Spanish: previsión social profesional (English to Spanish translation) . More about legal dictionary from english to spanish online.

Employee Benefit Plan

Employee Benefit Plan