Abbott, Langer Association Surveys

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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Year Of Service

As defined by ERISA, a 12-month period during which an employee completes at least 1,000 hours of service to the employer.

Year's Basic Exemption (YBE)

The first 10 percent of an employee's annual earnings up to the amount of the Year's Maximum Pensionable Earnings (YMPE). As defined by the Canada Pension Plan (CPP) and Quebec Pension Plan (QPP) in Canada.

Year's Maximum Pensionable Earnings (YMPE)

The maximum amount of employment earnings that, after deducting the Year's Basic Exemption, can be used to determine an individual's benefits under the Canada Pension Plan and Quebec Pension Plan.

Years of Experience

Total years of directly related experience in a position for any and all employers.

YRT (Yearly Renewable Term Insurance)

Insurance that allows an individual to continue the coverage at the end of the year for a specified number of years.