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LGLA2311-Chapter 18

Business Organizations for Paralegals

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