Voluntary Payroll Deduction Plan

Voluntary Payroll Deduction Plan

An optional, individual plan in which employees purchase life insurance and/or disability income insurance and pay the premiums by having their employer deduct a portion of their paycheck every month or pay period. The employer does not make any contributions to the plan and, as a result, employees may take the plan with them if they change jobs.
References in periodicals archive ?
These insurance benefits can be employer paid or made available as a voluntary payroll deduction plan.
Voluntary payroll deduction plans for life insurance and for long-term health care offer a cost-effective way for employers to alleviate employee health and financial concerns--without increasing their own.
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