Key Employee

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Key Employee

A very important employee. A key employee may have contacts highly beneficial to the company, may work hard and generate more revenue than any other employee, or may have some other skill that would be difficult or impossible to replicate in another employee. Often, but not always, a key employee is a manager. A company may purchase key person insurance to protect itself against the possibility that an employee may unexpectedly die or become unable to work, which would deprive the company of his/her skills.
References in periodicals archive ?
It seems simpler to first approach your key employees or someone within your industry before going out on the market.
The reward from the Restricted Share Plan 2015 will be based on a valid employment or director agreement of a key employee upon the reward payment.
In a recent survey of the Principal Financial Well-Being Index, more than three-quarters of key employees said they were interested in a tax-advantaged plan to help them save more for retirement, beyond the qualified retirement limits.
This term needs to be understood to determine if the entity has key employees or which employees are key employees.
Related-party transactions must be disclosed on Form 990 and explain existing relationships between officers, directors, trustees, key employees, highest-paid employees, and highest-paid professional or other independent contractors of certain tax-exempt organizations.
They should be encouraged to think through categories such as key customer and vendor relationships, image and brands, management culture and processes, key employees, human resource systems and trade secrets, then to assign value to each critical success item such that the total intangible asset has been accounted for.
Moreover, since businesses depend heavily on their key employees, it may be unrealistic to contend that the company would have prevented them from deferring income to the retirement plan.
protested, saying Metrica had falsely claimed it had hired three key employees from ACS.
According to Steve Garavatti, senior vice president of Utah Annuity Store, it doesn't matter whether one's role in a company is in the area of production, sales or management; the impact of a key employee's expertise and personality, combined with the experience and connections developed over time, customize their role and therein lays the reason for key employee life insurance.
The principles relating to key employees will also apply to employee stock ownership plans (ESOPs).
The profile also contains information on business operations, company history, major products and services, key employees