The Collaborative International Dictionary of English v.0.48:

laurels \lau"rels\, n. pl.
   An honor or honors conferred for some notable achievement.
   [PJC]

   to rest on one's laurels [fig.] to be content with one's
      past achievements and not strive to continue to excel; as,
      he didn't rest on his laurels after receiving the Nobel
      Prize, but went on to made even more significant
      discoveries.
      [PJC]

WordNet (r) 3.0 (2006):

laurels
    n 1: a tangible symbol signifying approval or distinction; "an
         award for bravery" [syn: award, accolade, honor,
         honour, laurels]
    2: the state of being honored [syn: honor, honour,
       laurels] [ant: dishonor, dishonour]