Voluntary Payroll Deduction Plan(redirected from Voluntary Payroll Deduction Plans)
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.
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