The length of time before benefits are available or before an individual may participate in a plan.
Waived funding deficiency
When an employer cannot satisfy the minimum-funding standard without substantial hardship, the Internal Revenue Service may waive the minimum-funding standard if it appears to be in the interest of participants to do so.
An agreement by an employee to give up a right or entitlement. For a waiver to be legally enforceable, the employee must understand what is being given up, must receive some benefit in return for the waiver, and must act voluntarily.
Waiver of premium
A provision included in some policies that exempts the policyholder from paying the premiums while an insured person is totally disabled during the life of the contract.
Welfare benefit plan
A plan that provides medical, surgical, or hospital care or benefits in the case of sickness, accident, disability, death, or unemployment. Under ERISA, it also may include other benefits, such as vacation or scholarship plans.
Whole life insurance
Life insurance policies that offer level—or even declining—premiums as the beneficiaries age by accumulating cash in the early years of the policy.
A binding direction, almost always required to be in writing, by an individual disposing of his or her assets and usually also designating an executor and a trustee for any testamentary trusts, exercising any testamentary powers of appointment, and designating guardians for minor children and related matters.
The removal of an employee from the coverage provided under a pension plan.
State-administered, employer-financed programs designed to compensate workers for job-related illnesses or injuries, as well as medical and rehabilitation expenses and loss of income.
Working-condition fringe benefit
Something of value provided by an employer that the employee needs to have to do the job, such as use of a car on company business or free parking. Under the Internal Revenue Code, a benefit is a working-condition fringe benefit if the employee could have deducted or depreciated the cost of providing it had the employee paid for it personally.
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