"Key employee" is also a term used by the Internal Revenue Service in regard to company-sponsored defined contribution retirement plans to refer to an employee who owns more than 5% of the business, owns more than 1% of the business and has annual compensation greater than a certain amount or is an officer with compensation greater than a certain amount. There are other IRS and government rules that have different definitions of "key employee" for different purposes.
Investment dictionary. Academic. 2012.
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key employee — For purposes of the Family and Medical Leave Act (FMLA), a salaried employee who is in the highest paid 10% of the company s employees working within 75 miles of the employee s worksite. An employer does not have to reinstate a key employee after … Law dictionary
key employee — Any Reservist identified by his or her employer, private or public, as filling a key position … Military dictionary
Key Employee Retention Plan — These plans were traditionally put in place in bankruptcy cases as incentives to upper management to continue working for the debtor throughout the bankruptcy. KERPs have been substantially curtailed under the 2005 amendments to the bankruptcy… … Glossary of Bankruptcy
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key — adj: of vital importance (as in a business organization) esp. so as to be specially insured to the benefit of an employer key man key employee insurance Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 … Law dictionary
key-person insurance — Gen Mgt an insurance policy taken out to cover the costs of replacing a key employee. Key person insurance comes into play in the case of an employee’s mediumto long term sickness or death. Also known as key man insurance … The ultimate business dictionary
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