Employee Benefits Plan Account:

The term "employee benefit plan" refers to either an employee welfare benefit plan or
an employee pension benefit plan (or a combination of the two) for the purposes of
deposit insurance coverage. This definition comes from the Employee Retirement
Income Security Act of 1974, section 3(3). (ERISA).
The following are the most prevalent employee benefit plans:
• Defined benefit plans (DBPs) — These plans pay participants a set sum when they
retire, based on their years of service and salary.
• Employee welfare plans, also known as welfare benefit plans, provide medical, health,
and hospitalization benefits as well as income in the case of sickness, injury, or death.