Employment and Labor Relations Glossary Terms

The annual payment of an allowance or income. Commercial annuities are usually issued by an insurance company or investment company in exchange for an initial monetary deposit. They can also be issued by a charity, in exchange for a donation. The purchase of an annuity can be part of an estate plan or could be part of the monetary settlement from an injury or malpractice claim.

If you are employed on an “at will” basis, this means that you or your employer can terminate your job for any or no reason, at any time, and with or without notice, so long as the termination does not violate any laws. Unless an employee has an employment agreement stating that employment is for a fixed duration and can only be terminated for specified reasons, or the employee is subject to a collective bargaining agreement, the employee is most likely employed on an at-will basis.