Profit sharing plan

{
  "id": "MLC-T-INS-002709",
  "term": "Profit sharing plan",
  "field": "Insurance and risk management",
  "definition": "A type of defined contribution retirement plan that allows an employer to make discretionary annual contributions to employee accounts from company profits. The contribution amounts are not fixed and can vary each year based on the business's performance, with allocations to employees typically made as a percentage of their salary. These plans are governed by the Employee Retirement Income Security Act (ERISA) in the United States.",
  "url": "https://mlchart.com/terminology/insurance/profit-sharing-plan/"
}