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The Employee Retirement Income Security Act of 1974 ( ERISA) ( Pub. L. 93–406, 88 Stat. 829, enacted September 2, 1974, codified in part at 29 U.S.C. ch. 18) is a U.S. federal tax and labor law that establishes minimum standards for pension plans in private industry. It contains rules on the federal income tax effects of transactions ...
Employment practices liability. Employment practices liability is an area of United States labor law that deals with wrongful termination, sexual harassment, discrimination, invasion of privacy, false imprisonment, breach of contract, emotional distress, and wage and hour law violations. It may be categorized as a form of professional liability.
An employer provided group insurance plan is coordinated with the provincial plan in the respective province or territory, therefore an employee covered by such a plan must be covered by the provincial plan first. The life, accidental death and dismemberment and disability insurance component is an employee benefit only.
Group Medicare Advantage plans are also called employer group waiver plans (EGWP), pronounced “egg-whips.”. EGWPs are a type of Medicare Advantage plan offered by some employers to employees ...
1. Defined Benefit Plan: a plan where an employer specifies the amount of benefits to be provided to the employees (and beneficiaries) after the end of their employment. 2. Defined Contribution Plan: a plan where an employer stipulates only the amounts to be contributed to plan members’ accounts for each year of active employment
Many employer-provided cash benefits (below a certain income level) are tax-deductible to the employer and non-taxable to the employee. Some fringe benefits (for example, accident and health plans, and group-term life insurance coverage (up to US$50,000) (and employer-provided meals and lodging in-kind,) may be excluded from the employee's ...
The benefit in a defined benefit pension plan is determined by a formula that can incorporate the employee's pay, years of employment, age at retirement, and other factors. A simple example is a dollars times service plan design that provides a certain amount per month based on the time an employee works for a company.
Disparate impact. Disparate impact in the law of the United States refers to practices in employment, housing, and other areas that adversely affect one group of people of a protected characteristic more than another, even though rules applied by employers or landlords are formally neutral. Although the protected classes vary by statute, most ...