Payroll Stock Ownership Plans (paysop)
Employee stock ownership plan (ESOP); trust (ESOP) under which an employer received tax credit instead of a tax deduction for contributions. Until passage of the tax reform act of 1986, the tax credit was limited to the lesser of the value of the stock contributed to the plan or .5% of the employer's payroll. The PAYSOP must have met all of the requirements of a qualified plan, and all participants must have had 100% immediate vesting. The Tax Reform Act of 1986 repealed PAYSOP.
Popular Insurance Terms
Expenses and taxes incurred by the insurance company resulting from the normal business activities of the company before the due date of the annual statement. ...
Organization of trial attorneys who specialize in the representation of defendants who become subject to tort actions. Generally, these tort actions involve bodily injury or personal injury ...
Hospital insurance program that provides medical professional liability insurance coverage to non employed hospital physicians. The objective of this means of insurance coverage is to ...
Exemption in ocean marine policy for losses caused by strikes, riots, and civil commotion. ...
Amount of combustible matter present that can act as a fuel to feed a hostile fire. ...
Hybrid between facultative reinsurance and treaty reinsurance where the ceding company may elect to assign certain risks that the reinsurer is obligated to accept. ...
Same as term Canadian Institute of Actuaries: ...
Circumstance in which no agent is servicing a debit. ...
Period of time during which notice of claim and proof of loss must be submitted by the insured or his or her legal representatives. ...
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