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Definition of 'Cafeteria Plan'
An employee benefit plan that allows staff to choose from a variety of benefits to formulate a plan that best suits their needs. Cafeteria plan options may include health and accident insurance, cash benefits, tax advantages and/or retirement plan contributions.
Also known as "cafeteria employee benefit plan" or "flexible benefit plan".
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Investopedia explains 'Cafeteria Plan'
Similar to a cafeteria where individuals select their food of choice, employees may choose benefits of their choice. These plans become more useful as diversity within workforces continues to grow. For example, the benefit needs of young families may differ greatly from those of a single person.
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This benefit could give you a return this year that puts many other investments to shame.
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If you own a business, this may be the plan for you! Find out about its benefits and eligibility requirements.
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