by TheBusinessProfessor | Feb 23, 2025 | HR, Employment, Labor, & Discrimination
What is an Accumulated Benefit Obligation?An Accumulated Benefit Obligation (ABO) is an estimate of the present value of retirement benefits or pensions that an employee is entitled to when current compensation levels are used. ABO is used when a retirement or pension...
by TheBusinessProfessor | Feb 23, 2025 | HR, Employment, Labor, & Discrimination
What is a Health Reimbursement Account (HRA)?A health reimbursement account (HRA) is a health coverage or health benefit plan that is approved by the Internal Revenue Service (IRS). It is a health plan that allows an employer to fund and reimburse employees medical...
by TheBusinessProfessor | Feb 23, 2025 | HR, Employment, Labor, & Discrimination
What is Voluntary Termination?Voluntary termination may mean various actions, most popularly the decision of an employee to quit a job of their own accord. Furthermore, it may refer to the act of voluntarily canceling personal financial contracts, like cell phone...
by TheBusinessProfessor | Feb 23, 2025 | HR, Employment, Labor, & Discrimination
What is an Employee Stock Ownership Plan (ESOP)?An employee stock ownership plan (ESOP) is an employee benefit scheme that gives ownership interest to the employees of a company. It can also be called a corporate strategy whereby the company grants ownership to its...
by TheBusinessProfessor | Feb 23, 2025 | HR, Employment, Labor, & Discrimination
What is a Blackout Period (Investment Plans)?A blackout period can be a period of three successive business days or a period not above 60 days that disallows employees from altering their already-made investment or retirement plans. During a blackout period, no...
by TheBusinessProfessor | Feb 23, 2025 | HR, Employment, Labor, & Discrimination
What is the Work Opportunity Tax Credit?The Work Opportunity Tax Credit (WOTC) refers to a business credit that employers are entitled to when they recruit from certain minority groups known to have specific employment barriers. The work opportunity tax credit is a...
