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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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Keogh Act

The Self-Employed Individuals Tax Retirement Act of 1962 (also called HR-10 or the Keogh Act), and its subsequent amendments, made it possible for owner-employees of unincorporated businesses and other self-employed persons to be covered under qualified retirement plans.

Keogh Plan

A tax deferred pension account available to the self-employed. (4)

Key Contributor Insurance

A qualified tax-deductible pension or profit-sharing retirement plan for self-employed individuals and their employees, with contribution units based on net earnings. Disability, health, and/or life insurance policies designed to protect the company for the loss of the services of essential employees, with premiums paid and benefits received by the company, key man insurance. A type of corporate-owned life insurance purchased by a company to protect itself from financial loss.

Key Employee

A salaried employee who is among the highest paid 10 percent of all the employees employed by the employer.

Kilobits Per Second (Kbps)

Thousand bits per second. A data transfer rate.

Kilobyte(Kb)

One thousand bytes (103) or 1024 (210) bytes. A unit of measurement used for computer file sizes.

Knowledge Based Pay

Pay-for-knowledge rewards employees for increasing the depth and breadth of knowledge and skill and the utilization of those skills. Pay-for-knowledge is often an extension of work redesign efforts.

Knowledge Management

Knowledge management is the name of a concept in which an enterprise consciously and comprehensively gathers, organizes, shares, and analyzes its knowledge in terms of resources, documents, and people skills.

Knowledge Management System (KMS)

A distributed system from Knowledge Systems, Inc. for managing knowledge in organizations.

Knowledge, Skills And Abilities (KSAS)

New hires and merit promotions are made on the basis of how applicants measure up to a set of factors, often called 'Knowledge, Skills, and Abilities' (KSAs) or 'Knowledge, Skills, Abilities and Other Characteristics (KSAOs).'