ADM 2337 Chapter Notes - Chapter 11: Pension, Elderly Care
18 Nov 2018
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Flexible bene ts plans (cafeteria plans): bene ts plans that enable individual employees to choose the bene ts that are best suited to their particular needs. Workers" compensation insurance: insurance provided to workers to defray the loss of income and cost of treatment resulting from work-related injuries or illness. Severance pay: a lump-sum payment given to terminated employees by an employer at the time of an employer-initiated termination. Silver handshake: an early retirement incentive in the form of increased pension bene ts for several years or a cash bonus. Contributory plan: a pension plan in which contributions are made jointly by employees and employers. Non-contributory plan: a pension plan in which contributions are made solely by the employer. De ned-bene t plan: a pension plan in which the amount an employee is to receive on retirement is speci cally set forth.
