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LGLA2311-Chapter 18
Business Organizations for Paralegals
| Answer | Question |
|---|---|
| Fringe benefits | benefits provided to employees in addition to salary (often called benefits) |
| Welfare benefit plans | insurance and other similar plans offered to employees |
| Premium | amount paid to insurer to provide coverage |
| COBRA | federal law requiring insurance continuation after employee departs employment |
| Accident insurance | insurance designed to protect insured who cannot work due to accident |
| Disability insurance | insurance designed to protect insured who cannot work due to disability |
| Corporate-owned life insurance (COLI) | insurance purchased by companies on the lives of rank-and-file employees, often without their notice |
| Split-dollar insurance | insurance for which employer and employee each pay part of premium |
| ERISA | federal law governing retirement plans |
| Qualified plan | retirement plan meeting IRS requirements that is eligible for favorable tax treatment |
| Master plan | retirement plan prequalified by IRS (also called prototype plan) |
| Nonqualified plan | usually a private agreement between employer and employee that does not meet requirements needed to achieve favorable tax treatment |
| Sponsor | party providing a retirement plan |
| Plan participant | one for whom a retirement plan is designed |
| Plan administrator | party who manages retirement plan |
| Contributory plan | retirement plan funded by both employer and employee |
| Noncontributory plan | retirement plan funded solely by employer |
| Vesting | the time at which an employee's rights occur or when employee is entitled to benefits of a plan |
| Top-heavy plan | a retirement plan that discriminates in favor of senior employees |
| Defined benefit plan | retirement plan that fixes a preestablished benefit that will be paid to employees |
| Defined contribution plan | retirement plan that specifies that contribution that will be made to it |
| Money-purchase pension plan | retirement plan by which employer contributes a certain percentage of employees salary each year |
| Profit-sharing plan | retirement plan funded by employer's profits |
| Stock bonus plan | plan in which employer contributes stock |
| Employee stock ownership plan | plan in which employer contributes funds it has borrowed to a trust and which money is then used to buy stock in the corporation for employees |
| Target benefit plan | combination of defined contribution and defined benefit plans |
| 401(k) plan | retirement plan funded by employees nontaxable contributions |
| Individual retirement account (IRA) | retirement plans funded by employees not covered by company-sponsored retirement plans |
| SEP-IRA | plan allowing self-employed individual to contribute to his or her retirement |
| SIMPLE-IRA | plan in which both employer (a small employer) and employee contribute |
| Roth IRA | retirement plan in which contributions are not deductible but distributions (after a certain age) are |
| Cash benefit plan | a hybrid retirement plan combining features of a traditional pension plan with a 401(k) |
| Stock option | right to purchase fixed number of shares at a certain date at a fixed price |
| Underwater options | stock options that would be exercised at a loss |
| In the money options | stock options that can be exercised at a gain |
| Incentive stock option plan | stock option plan that is qualified under IRS regulations, allowing for favorable tax treatment |
| Non qualified stock option | stock option that does not qualify for favorable tax treatment |
| Spread | difference between stock price at which option is granted and stock price when option is exercised or purchased |
| Strike price | price at which option was granted |
| Reload options | options purchased with other options, also called a cashless exercise |
| Cashless exercise | using options or borrowed money to pay for options |
| Restricted stock | stock that must be held for some period before it can be sold |
| Performance shares | shares awarded only when certain goals are achieved |
| Stock option backdating | the practice of altering the date of a stock option grant to make it more valuable |
| Perks | perquisites or fringe benefits provided by employers |
| Honoraria | payments given for appearing at an event or meeting |
| Employment at will | employment relationship that either party can terminate for any reason or no reason |
| Wrongful discharge | termination of employee for improper reason |
| Whistle-blower | one who discloses improper conduct of his or her superior |
| Commission | payment based on sales generated |
| Draw | an advance payment against future salary or commission |
| Restrictive covenants | agreements imposing certain restrictions or prohibitions on employees on an employee |
| Covenant not to compete | agreement by employee not to compete against employer |
| Blue-penciling | procedure of correcting noncompete clauses to make them legal |
| Intellectual property | products of human creative thought and effort |
| Work made-for-hire doctrine | legal doctrine that copyrightable work created by employee is owned by employer |
| Copyright | right in original literary, artistic, dramatic, and other works |
| Shop right | employer's royalty-free license to use an invention developed by an employee |
| Trade secret | information providing a competitive edge to its owner |
Created by:
dawnbryant
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