Plan Sponsor

What is Plan Sponsor?

A ‘Plan Sponsor’ is the term used to refer to an entity that sponsors the employees’ benefits which they receive along with their compensation package. The plan sponsors are generally employers; however, it might also be trade unions, the government, or any other third party providing these services.

The plan sponsors are in charge of developing a benefit plan for the employees, drafting the policies governing them, disbursing the benefits for the entitled employees, as well as making sure that nobody misuses the benefits for their own personal gain.

Plan sponsors might in turn hire a third party to monitor the aforementioned duties pertaining to the benefits while taking care of the monetary aspect by themselves.

More HR Terms

Positive Culture

What is Positive Culture? ‘Positive Culture’ is the term given to a company’s culture which respects the individuality of the employees while also making sure

Time-and-a-half

What is Time-and-a-half ? ‘Time-and-a-half’ refers to the system of paying the employees one and a half times their normal pay (150%) for any overtime

Disciplinary Action

In a workplace, HR is mainly responsible for the entire employee hiring, onboarding, offboarding, and maintaining employee performance, attendance tracking, and more. Often they have

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