employee welfare benefit plan
- employee welfare benefit plan
-
USA
A plan, fund or program established or maintained by an employer or an employee organization or both. The purpose of an employee welfare benefit plan is to provide non-retirement oriented benefits, through insurance or otherwise, such as:
• Medical, surgical or hospital care or benefits.
• Benefits in the event of sickness, accident, disability, death or unemployment.
• Vacation benefits.
• Apprenticeship or other training programs.
• Day care centers.
• Scholarship funds.
• Prepaid legal services.
• Benefits described in section 302(c) of the Labor Management Relations Act of 1947 (other than pensions on retirement or death and insurance to provide pensions).
Examples include cafeteria, medical, dental and vision plans, dependent care and health care flexible spending account programs, short- or long-term disability plans and group life insurance plans. Employee welfare benefit plans are usually unfunded.
Practical Law Dictionary. Glossary of UK, US and international legal terms.
www.practicallaw.com.
2010.
Look at other dictionaries:
The information in a summary annual report differs depending on whether the plan is an employee pension benefit plan or an employee welfare benefit plan but can include: — The information in a summary annual report differs depending on whether the plan is an employee pension benefit plan or an employee welfare benefit plan but can include: • The total expenses paid by the plan during the year. • The number of… … Law dictionary
employee benefit plan — USA Either an employee pension benefit plan or an employee welfare benefit plan or a plan which is both. Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010 … Law dictionary
419(e) Welfare Benefit Plans — A type of employer sponsored employee welfare benefit plan. 419(e) welfare benefit plans qualify under paragraph (e) of Section 419 of the Internal Revenue Code. They provide a range of benefits to employees, such as life, health, disability,… … Investment dictionary
benefit — See security proceeds Euroclear Clearing and Settlement glossary * * * ▪ I. benefit ben‧e‧fit 1 [ˈbenfɪt] noun 1. [countable] a good effect or advantage that something has, for example a product or service: • We will focus our marketing message… … Financial and business terms
benefit — ben·e·fit n 1: something that provides an advantage or gain; specif: an enhancement of property value, enjoyment of facilities, or increase in general prosperity arising from a public improvement general benefit: a benefit to the community at… … Law dictionary
benefit — {{Roman}}I.{{/Roman}} noun 1 advantage ADJECTIVE ▪ considerable, enormous, great, huge, immense, major, real, significant, substantial, tremendous … Collocations dictionary
Voluntary Employees Beneficiary Association Plan - VEBA — A tax free post retirement medical expense account used by retirees and their eligible dependents to pay for any eligible medical expenses. The plan is funded by the amount of unused sick leave that an employee has at the time of retirement,… … Investment dictionary
Health and Welfare Trust — A Health Welfare Trust (HWT) is a tax free vehicle for financing a corporation s healthcare costs for their employees. They were introduced in 1986 by Canada Revenue Agency (CRA) in their interpretation bulletin entitled IT 85R2. Few companies… … Wikipedia
Private Health Services Plan — A Private Health Services Plan (PHSP) is a tax free vehicle for financing the healthcare costs of employees. They were introduced in 1989 by Canada Revenue Agency (CRA) in their interpretation bulletin entitled IT 339R2. [IT 339R2 Meaning of… … Wikipedia
Social Security and Welfare Services — ▪ 1994 Introduction With a Democratic administration in the White House for the first time in 12 years, the U.S. moved boldly in the area of social welfare in 1993. Elsewhere in the world social security and welfare programs continued to be … Universalium
