Welfare Benefit Plans Employer plans which provides employee benefits other than retirement benefits. Some are accident, disability, medical, death, unemployment, vacation, training, day care, scholarships, and prepaid legal services. Fringe benefits Benefits that are generally non-taxable benefits other than retirement and welfare benefits. These are benefits required by law. This refers to the percentage of accrued benefit which an employee is entitled to receive upon termination of employment.
Amount is set in terms of agreement.
This means that the vesting schedule provides no vesting for one to five years. This refers to the criteria an employee must reach before participating in a retirement plan. Retirement plans can exclude employees who are under 21 years of age, or have worked less than 12 months. Retirement Plans Defined benefit plan is a qualified retirement plan which defines the amount of going to employees in terms of the benefit they will receive when they retire. This type of plan requires an actuary to determine the employer's contribution each year.