Multiemployer Plan
Definition of "Multiemployer plan"
Pension or other employee benefit to cover employees at two or more financially unrelated companies. The companies may employ workers from the same labor union or those in the same industry. Employer contributions go into a common pool from which benefits are paid. Employees may transfer between employers in the fund and still retain their benefits. Multiemployer plans have grown rapidly in recent years as smaller employers band together to provide pension benefits to employees.
Popular Insurance Terms
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method of determining the worth of property to be insured, or of property that has been lost or damaged; method of setting insurance company reserves to pay future claims ...
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