Definitions for "Payroll deduction plan"
(1) See salary-reduction plan. (2) A premium payment method for individual insurance under which an individual's employer deducts the employee's premium amount from his or her paycheck and sends the premium to the insurer.----------[ Back
Arrangement between a fund, employer and employee to deduct a specified amount of money from the employee's salary to purchase shares in a fund.
An arrangement between an employer and a mutual fund, authorized by the employee, through which a specified sum is deducted from an employee's salary to buy shares in the fund.