For Each Historical Identification Question, Define the Term and Briefly

question 93

Short Answer

For each historical identification question, define the term and briefly describe its historical significance.
-Averroës

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Definitions:

Vesting Rights

Guarantee that when employees become participants in a pension plan and work a specified number of years, they will receive a pension at retirement age, regardless of whether they remained with the employer.

Pension Plan

A pension plan is a retirement plan that requires an employer to make contributions into a pool of funds set aside for a worker's future benefit. The funds are invested on the employee's behalf, and the earnings on the investments generate income to the worker upon retirement.

Retirement Age

The age at which a person is eligible to retire and receive full pension benefits, typically set by government policies or employment agreements.

Cafeteria-Style Plans

Employee benefit plans that allow workers to choose from a variety of pre-tax benefits, tailoring their benefits package to their specific needs.