; and (B) that has employed at least 10 full-time equivalent employees for not less than 2 years. (2) Board The term Board means the Federal Universal Personal Savings Investment Board established under section 803. (3) Employee The term employee , unless specified otherwise, includes full-time and part-time employees of an applicable employer. (4) Executive Director The term Executive Director means the Executive Director of the UP Account Board appointed under section 803. (5) Full time The term full time , with respect to employment, means 40 hours per week. (6) Full-time equivalent employee The term full-time equivalent employee means the sum of— (A) the number of employees working full time