Employee contributions refer to the workers' premiums or payments toward a contributory employee benefit plan. These contributions are often made to plans such as health insurance, retirement funds, and other employer-sponsored benefits.
An Employee Stock Ownership Plan (ESOP) is an employee benefit plan that gives workers ownership interest in the company. Through ESOPs, companies provide their employees with stock ownership, often at no upfront cost to the employees. ESOPs are used by a broad variety of publicly traded and closely held companies.
The entitlement of a pension plan participant to receive full benefits upon reaching the normal retirement age or a reduced benefit upon early retirement, regardless of their employment status with the same employer.
