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Abbott-Langer & Associates Business Glossary

This glossary of business definitions contains over 2,000 business terms used in compensation and benefits administration. Continually updated, this specialized business dictionary focuses on definitions of Human Resources terms and business terms.

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Qualified Annuity

A kind of annuity, in the U.S. that is funded with dollars that are deductible, up to a predetermined maximum from the depositors gross income the year that funds are deposited.

Qualified Beneficiary

An individual that is eligible to receive Cobra health care continuation coverage per the Consolidated Omnibus Reconciliation Act of 1985 due to a qualifying event.

Qualified Costs

The maximum an employer can deduct for tax purposes for contribution to a welfare benefit fund. It equals the fund's qualified direct cost and permitted additions to a qualified asset account, minus the fund's after-tax income for the taxable year.

Qualified Domestic Relations Order (QDROS)

Court orders from a state domestic court that are deemed qualified by the plan administrator. QDROs allow the employer to split the retirement benefits of an employee in the event of divorce without breaching ERISA or tax code.

Qualified Joint And Survivor Annuity (QJ & S)

In the United States, an annuity from a pension plan that provides pension benefits to continue for the spouse of the retired person after they have died. The survivors benefit continues throughout the life of the spouse and cannot be less than 50% or more than 100% of the original benefits for their joint lives.

Qualified Medical Child Support Order (QMCSO)

A judgment, decree or order that is issued by a court that requires a group health plan to offer benefits to children of a plan participant.

Qualified Plan

A pension or profit sharing plan that the Internal Revenue Service approves as meeting their requirements. These plans may have tax advantages.

Qualifying Event

An event that qualifies a participant and dependents to be eligible for COBRA. This event may be a termination of employment (or a reduction in hours), divorce or legal separation, death of a covered employee, a dependent child's loss of dependent status, a covered employee's eligibility for Medicare or loss of coverage due to the employer's filing of a bankruptcy proceeding.

Quantitative Job Evaluation

A technique that displays a hierarchy of job worth by examining occupations in terms of certain numerical indexes and factors.

Quartile

A value that is divided into four parts. The first part is 25%, the second part 50%, the third part is 75% and the fourth part is 100%.

Quebec Pension Plan (QPP)

A plan that mostly provides retirement funds and LTD income to individuals that reside in Quebec.

Quick Ratio

A measure used by company's to determine liquidity. Equals quick assets divided by current liabilities.

Quintiles

A value that is divided into fifths.

Quota

A predetermined performance objective.

Quota Setting

The process of determining quotas.

Quota Share Reinsurance Plan

A kind of reinsurance plan that the assuming organization reinsures a certain percent of all risks of a specific type insured by the granting company.