Target Benefit Plan
A defined benefit plan under which the employer makes annual contributions into the plan based on the actuarial
assumption at that time regarding the amount of funding needed to acheive a targeted benefit level.
Termination Pay
Additional pay due to an employee whose employment is being terminated. This is usually done in harmony with a termination
pay schedule according to the employee manual.
Time Card
A document or electronic record on which an employee records her/his hours worked during a fixed payroll period.
Time Clock
The device used to stamp incoming and/or outgoing time on a time card or a similar document.
Totalization Agreement
An agreement between countries whereby an employee has to pay social security taxes only to the country in which she/he is
working.
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