A remembrance fund is a financial resource established to cover expenses related to the death or serious illness of an employee or their immediate family members. This can include costs for obituary notices, flowers, or small gifts. These funds are exempt from certain reporting requirements under the Employee Retirement Income Security Act (ERISA).
Remembrance funds are often utilized in workplace settings as a means of providing support to employees during difficult times. They fall under the broader category of employee benefits and can be relevant in various legal contexts, including labor law and employee relations. Employers may establish these funds to foster a supportive work environment, and users can manage related documentation through legal templates provided by services like US Legal Forms.
Here are a couple of examples of abatement:
Example 1: An employee's spouse passes away. The employer uses the remembrance fund to cover the cost of flowers sent to the funeral.
Example 2: An employee is hospitalized for a serious illness, and the remembrance fund is used to send a small gift to their family to express support. (hypothetical example)
| Term | Definition | Key Differences |
|---|---|---|
| Memorial Fund | A fund established in memory of a deceased person. | Typically not limited to employees or their families. |
| Employee Assistance Program (EAP) | A program offering counseling and support services to employees. | EAPs focus on mental health and well-being, while remembrance funds cover specific expenses. |
If you are an employer considering establishing a remembrance fund, consult with a legal professional to ensure compliance with applicable laws. If you are an employee or a family member in need of support, reach out to your HR department to inquire about the availability of such a fund. You can also explore US Legal Forms for templates that can help in setting up or managing these funds.
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A remembrance fund is a financial resource to cover expenses related to the death or serious illness of an employee or their family members.