Employee Benefit Obligation definition

Employee Benefit Obligation means any obligation (whether current or deferred) for any compensation, pension, severance payment, medical, retirement or disability benefit, life insurance or any similar employee benefit.
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Employee Benefit Obligation means the obligation of the Participant to collect and properly remit any elective or voluntary contributions by Worksite Employees with respect to any employee benefit plan as defined in Section 3(3) of ERISA sponsored or co-sponsored by the Participant. Employee Benefit Obligations are Financial Obligations to the extent such contributions were collected by the Participant but not paid over to the policy, plan or other funding vehicle for such employee benefit plan. Notwithstanding any provision of this Agreement: the obligations of the Trust are not “plan assets”; and, ESAC, the Trust or their agents are not “fiduciaries” within the meaning of ERISA.
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Examples of Employee Benefit Obligation in a sentence

  • The Employee Benefit Obligation is assessed annually through an actuarial valuation, and assesses the future liability for sick leave, retirement allowances, vacation time payable, deferred vacation, long service leave, personal leave plans and benefit continuation in the year of retirement.

  • There is no operating budget for retirements in 2021 and expenditures are expected to be offset by a drawdown from the Employee Benefit Obligation Reserve.

  • Employee Benefit Obligation Pada bulan Juni 2004, Ikatan Akuntan Indonesia mengeluarkan PSAK No. 24 (Revisi 2004), “Imbalan Kerja”, yang mengatur akuntansi dan pengungkapan atas imbalan kerja dan mencakup tidak hanya imbalan pensiun tetapi juga imbalan jangka pendek (cuti tahunan yang dibayar, cuti sakit yang dibayar) dan imbalan jangka panjang lainnya (imbalan jasa jangka panjang, imbalan kesehatan pasca kerja).

  • However, the IFA did not include the 2019 tax expense into the calculation as the 2019 tax expense was higher than normal due to changes in Employee Benefit Obligation structures in accordance with Labor Protection Act, which then results in the Company to register such change worth THB 1.50 million in the income statement of 2019.

  • Employee Benefit Obligation The present value of the Employee benefit obligation depends on a number of factors that are determined on an actuarial basis using a number of assumptions.

  • The obligation for leave encashment is recognised in the same manner as gratuity.The following tables summarise the components of net benefit expense recognised in the statement of profit or loss and the funded status and amounts recognised in the balance sheet for the respective plans: Employee Benefit Obligation (Gratuity) Gratuity BenefitsI.

  • At the end of 2032 the biggest contributor to the Total Liabilities will be Borrowings (41%), Employee Benefit Obligation (31%) and Payables (14%).

  • Additional information is disclosed in the Employee Benefit Obligation note 17 to the financial statements.

  • Employee BenefitsE.1 Employee Benefit Obligation 56E.2 Employee Benefit Expense 56E.3 Related Party Transactions 57E.4 Quickstep Incentive Rights Plan (IRP) 58E.5 Equity Settled Short Term Incentive 59F.

  • As a result, retirement expenditures would be funded from the Employee Benefit Obligation reserve.

Related to Employee Benefit Obligation

  • Other Benefit Obligations means all obligations, arrangements, or customary practices, whether or not legally enforceable, to provide benefits, other than salary, as compensation for services rendered, to present or former directors, employees, or agents, other than obligations, arrangements, and practices that are Plans. Other Benefit Obligations include consulting agreements under which the compensation paid does not depend upon the amount of service rendered, sabbatical policies, severance payment policies, and fringe benefits within the meaning of IRC Section 132.

  • Company Employee Benefit Plan means each Employee Benefit Plan that is maintained, sponsored or contributed to (or required to be contributed to) by any of the Group Companies or under or with respect to which any of the Group Companies has any Liability.

  • Employee Benefit Plans shall have the meaning set forth in Section 3.20(a).

  • Employee Benefit Plan means any “employee benefit plan” as defined in Section 3(3) of ERISA which is or was sponsored, maintained or contributed to by, or required to be contributed by, Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates.

  • Non-U.S. Benefit Plan has the meaning set forth in Section 3.20(a).

  • Welfare Benefit Plan means each welfare benefit plan maintained or contributed to by the Company, including, but not limited to a plan that provides health (including medical and dental), life, accident or disability benefits or insurance, or similar coverage, in which Executive was participating at the time of the Change in Control.

  • Pension Benefit Plan means at any time any employee pension benefit plan (including a Multiple Employer Plan, but not a Multiemployer Plan) which is covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code and either (i) is maintained by any member of the Controlled Group for employees of any member of the Controlled Group; or (ii) has at any time within the preceding five years been maintained by any entity which was at such time a member of the Controlled Group for employees of any entity which was at such time a member of the Controlled Group.

  • Health benefit plan means a policy, contract, certificate or agreement offered or issued by a health carrier to provide, deliver, arrange for, pay for or reimburse any of the costs of health care services.

  • Unfunded Benefit Liabilities means with respect to any Plan at any time, the amount (if any) by which (i) the present value of all benefit liabilities under such Plan as defined in Section 4001(a)(16) of ERISA, exceeds (ii) the fair market value of all Plan assets allocable to such benefits, all determined as of the then most recent valuation date for such Plan (on the basis of assumptions prescribed by the PBGC for the purpose of Section 4044 of ERISA).

  • benefit liabilities has the meaning specified in section 4001 of ERISA and the terms “current value” and “present value” have the meaning specified in section 3 of ERISA.

  • Canadian Benefit Plan means any plan, fund, program, or policy, whether oral or written, formal or informal, funded or unfunded, insured or uninsured, providing material employee benefits, including medical, hospital care, dental, sickness, accident, disability, life insurance, pension, retirement or savings benefits, under which any Borrower has any liability with respect to any employee or former employee, but excluding any Canadian Pension Plans.

  • Foreign Employee Benefit Plan means any employee benefit plan as defined in Section 3(3) of ERISA which is maintained or contributed to for the benefit of the employees of the Company, any of its respective Subsidiaries or any members of its Controlled Group and is not covered by ERISA pursuant to ERISA Section 4(b)(4).

  • Group health benefit plan means any health care plan, subscription contract, evidence of

  • Company Benefit Plan has the meaning specified in Section 4.13(a).

  • Canadian Benefit Plans means all material employee benefit plans of any nature or kind whatsoever that are not Canadian Pension Plans and are maintained or contributed to by any Credit Party having employees in Canada.

  • Benefit Plan means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.

  • Seller Benefit Plan means each Benefit Plan sponsored, maintained or contributed to by Seller or any of its Subsidiaries or with respect to which Seller or any of its Subsidiaries is a party and in which any Employee is or becomes eligible to participate or derive a benefit.

  • Employee Benefits means the provision of any benefit other than pension and retirement benefits provided to spouses of employees or provided to an employee on account of the employee's having a spouse, including but not limited to bereavement leave; disability, life, and other types of insurance; family medical leave; health benefits; membership or membership discounts; moving expenses; vacation; travel benefits; and any other benefits given to employees, provided that it does not include benefits to the extent that the application of the requirements of this chapter to such benefits may be preempted by federal or state law.

  • Basic health benefit plan means any plan offered to an individual, a small group,

  • Business Benefit Plan means each Benefit Plan that is contributed to, sponsored, maintained or entered into by Seller or a Retained Subsidiary, a Purchased Subsidiary or any Affiliate of any of them for the benefit of any Business Employee.

  • Company Benefit Plans has the meaning set forth in Section 3.16(a).

  • Employee Pension Benefit Plan has the meaning set forth in ERISA Section 3(2).

  • Supplemental Retirement Income Benefit means an annual amount (before taking into account federal and state income taxes), payable in monthly installments throughout the Payout Period. Such benefit is projected pursuant to the Agreement for the purpose of determining the Contributions to be made to the Retirement Income Trust Fund (or Phantom Contributions to be recorded in the Accrued Benefit Account). The annual Contributions and Phantom Contributions have been actuarially determined, using the assumptions set forth in Exhibit A, in order to fund for the projected Supplemental Retirement Income Benefit. The Supplemental Retirement Income Benefit for which Contributions (or Phantom Contributions) are being made (or recorded) is set forth in Exhibit A.

  • Employee Welfare Benefit Plan has the meaning set forth in ERISA Section 3(1).

  • Defined Benefit Plan means either a plan described in Section 3(35) of ERISA or a plan subject to the minimum funding standards set forth in Section 302 of ERISA and Section 412 of the Code.

  • Parent Benefit Plan means an Employee Benefit Plan sponsored, maintained, or contributed to (or required to be contributed to) by Parent or any of its Subsidiaries, or under or with respect to which Parent or any of its Subsidiaries has any current or contingent liability or obligation.