Business, Legal & Accounting Glossary
A specific trust set up by employers for employees who are under non-qualified deferred compensation plans. The funds are highly regulated, and usually involve a degree of risk of forfeiture if certain guidelines are not followed. Once the money is placed in the fund, the employer is no longer able to access the money, and it is saved for the employee as long as all the guidelines are followed. It gets its name because the first of these trusts was developed for a rabbi.
The rabbi trust was for the employees who worked for us and I was happy to grant it to everyone on the floor.
Jim was aghast to hear that he had forfeited his rabbi trust by failing to meet the specific conditions laid out by his employer.
The auditor had never heard of a rabbi trust before, and rudely insulted the filer, until he was pulled aside by his supervisor and fired.
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This glossary post was last updated: 23rd October, 2021 | 0 Views.