See old-age, survivors, disability, andhealth insurance.
Offset pension formula
A formula for pension benefits that reduces benefits by some portion of the social security payments due the participant. The offset is limited by Internal Revenue Service regulations.
A pension plan using an offset pension formula.
Old-age, survivors, disability, and health insurance(OASDHI)
The social security benefits program.
Older Workers Benefit Protection Act of 1990 (OWBPA)
An amendment to the Age Discrimination in Employment Act that clarifies the effect of that act on employee benefits.
See other postemployment benefits.
Open enrollment period
A period during which all employees are free to change their benefits choices.
Optionally renewable contract
A contract of health insurance in which the insurer reserves the right to terminate the coverage at any anniversary or, in some cases, at any premium due date but does not have the right to terminate coverage between such dates.
Ordinary life insurance
Life insurance usually issued in amounts of $1,000 or more. , with premiums payable on an annual, a semiannual, a quarterly, or a monthly basis.
Other postemployment benefits
Refers to Financial Accounting Standard No. 106, a standard issued by the Financial Accounting Standards Board governing accounting for health care benefits for retirees.
Help in finding a new job. This benefit is often provided to employees who lose their job because of restructuring and to executives who lose their job for almost any reason.
Partners who own capital or profit interests of more than 10 percent are owner-employees, as are self-employed sole proprietors.
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