Payroll Service. The service provider responsible for processing the payroll of the associated employer. Usually is an external, third-party service, but sometimes may be an internal service provider.

HRIS. An HRIS or "core HR system" combines such functionality as: employee data management, reporting, compliance, benefits administration, recruitment and applicant tracking, talent management, manager and employee self-service modules, and integration services.

Benefits Plan Administrator. A benefits plan administrator (or sometimes "third-party administrator" or "TPA") serves as recordkeeper for a benefits program, administers new enrollments and changes in plan elections, updates participant data to reflect businsess and life events, and administers legal compliance on behalf of an employer. The administrator also may provide on-line facilities for employees/participants to use in making elections, enrollments, and in gaining information with respect to their benefit programs.

Investment Company. In the context of savings plans and similar employee benefits programs, an investment company is an organization that sets up and maintains accounts for plan participants. These companies typically sell and manage a range of investments options, including mutual funds, a term with a specific statutory meaning in some countries, but which is used as a generic term for a variety of collective investment vehicles.

Plan Participant. An individual, usually an employee of the Plan Sponsor but sometimes possibly an outside consultant, board member, independent contractor or a beneficiary - who stands to become an equity owner or otherwise benefit financially through plan participation.

Beneficiary. A person or organization designated as the receiver of some allocation of the savings, retirement, or other employee benefits account proceeds in the event of the account holder's death.

Plan Sponsor. The party that sets up health, welfare, retirement, or other programs for the benefit of employees or members. Typcially, a sponsor is the employer, but in some cases it might be an organization such as a union. Plan sponsors frequently work with third-party administrators and plan providers to actually operate and fulfill plan obligations.