employee benefits

Qualified retirement plan

Definition

A retirement plan, such as a 401(k) plan, an employee annuity plan (26 U.S.C. § 403(a)), an individual retirement account (26 U.S.C. § 408(a)), or a governmental deferred compensation plan (26 U.S.C. § 457), that satisfies requirements of the...

severance pay

Definition from Nolo’s Plain-English Law DictionaryMoney paid to an employee who is laid off, fired or leaves by mutual agreement. Employers are not generally required to offer severance pay, although a few states require some severance pay for employees...

sick leave

Definition from Nolo’s Plain-English Law DictionaryTime off work due to illness or injury.

Definition provided by Nolo’s Plain-English Law Dictionary.

simplified employee pension plan

Definition from Nolo’s Plain-English Law DictionaryA pension plan allowing self-employed business owners to make contributions toward their own retirement plans and to their employees retirement plans. Contributions are made directly to an individual...

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