Payroll Glossary - Q
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Qualified Plan: A benefit plan that meets IRS qualification requirements for tax-favored treatment (e.g.,
nondiscrimination).
Qualified Retirement Planning Services: Certain retirement planning advice or information provided
by an employer, the value of which is excluded from employees. income if it is provided in a nondiscriminatory manner.
Qualified Transportation Fringe: Certain employer-provided transportation benefits that can be excluded from employees. income up to certain annually adjusted limits (i.e., transit passes, vanpools, parking).
Qualifying Event: One of several events that results in the loss of group health insurance coverage for
employees or their dependents and entitles them to continued coverage under the Consolidated
Omnibus Budget Reconciliation Act of 1985 (COBRA)