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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 ...
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
The CPP mandates all employed Canadians who are 18 years of age and over to contribute a prescribed portion of their earnings income (with an equal matching amount contributed by their employers) to a federally administered pension plan. The plan is administered by Employment and Social Development Canada on behalf of employees in all provinces ...
Frolic and detour in the law of torts occur when an employee (or agent) makes a physical departure from the service of his employer (or principal).A detour occurs when an employee or agent makes a minor departure from his employer's charge whereas a frolic is a major departure when the employee is acting on his own and for his own benefit, rather than a minor sidetrack in the course of obeying ...
A pension created by an employer for the benefit of an employee is commonly referred to as an occupational or employer pension. Labor unions, the government, or other organizations may also fund pensions. Occupational pensions are a form of deferred compensation, usually advantageous to employee and employer for tax reasons.
Full-time employees are eligible for coverage after four consecutive weeks of work, and part-time employees are eligible after their twenty-fifth day of employment. Out of state employees cannot be covered under DBL policies, but the employer must have coverage if some employee's work primarily in New York. Only the New York employees will be ...
Average premiums, including both the employer and employee portions, were $4,704 for single coverage and $12,680 for family coverage in 2008. However, in a 2007 analysis, the Employee Benefit Research Institute concluded that the availability of employment-based health benefits for active workers in the US is stable. The "take-up rate," or ...
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an ...
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