Benefits Flashcards
What are the advantages of offering healthcare benefits?
Tax Advantages
Qualified employees
Employee Welfare
Which act applies to federal government contractors with $100,000 or more and requires them to establish drug awareness programs?
Drug-Free Workplace Act
Which federal law set predictable, consistent and workable standards by adopting rules of construction related to impairment, disability determination, mitigating measures, and episodic imparement?
ADA Amendments Act (ADAAA)
Which federal law enforces data breach notifications for unauthorized used and disclosure of unsecured or unencrypted personal health information?
HITECH-Health Information Technology for Economic and Clinical Health Act.
Which act increases regulatory visibility and accountability of companies and their finances and was created due to the accounting scandals of large corporations like ENRON and WorldCom?
Sox or The Sarbarnes-Oxley Act
Which government-mandated tax benefit program has benefits in four categories: mandatory hospital insurance, optional medical insurance, optional advantage plans and optional prescription drugs?
Medicare
Which government-mandated benefit act provides coverage continuation for 36 month in the qualifying event of divorce or death of the employed spouse or dependent child’s loss of eligibility status?
COBRA-The consolidated Omnibus Budget Reconciliation Act
Which strategy for managing healthcare cost involves examining the balance of premium share?
Redesign the program
Which type of medical insurance plan involves physicians joining with a hospital to market and provide services that are contracted directly with employers?
PHO-Physician hospital organization
In which healthcare funding option does the employers take on the role of insurance career and assume most or all the risk?
Self-funded plans
Eateries and cafeterias, and game rooms, and on-site fitness classes are examples of which type of benefit that aims to make the workplace more inviting for employees?
Workplace amenities
There are wide range of employee services, including company cars, moving assistance, discount privileges, credit unions, and service awards. Which employee services provides financial support to employees who undertake educational courses related to work or general professional development?
Tuition reimbursement
Background: Fefined benefit plans are qualified plans from employers that pay out a specific amount upon retirement age, while defined contribution plans are deferred accounts under which benefits are determined by the amount contributed and the funds’s performance.
Questions. What are the types of defined benefit plan?
Flat dollar formula-pays
a flat dollar amount for every year of service recognized under the plan.
Career-average formula-averages the participant’s yearly earnings over a period of planned participation.
Cash-balance plan-puts older owners or key employees into classes. They received a much larger contribution than other employees.
Final-pay formula-bases benefits on average earnings during a specific number of years at the end of a participants’s career-usually five years- which is presumably the time when earnings are the highest.
Background: benefits have profound impact on job satisfaction and morale. Benefits communication is one of the most important responsibilities and employer can bear.
Question: Which type of communication must be provided in writing at least 30 days in advance and identify affected rights and investments?
Sox blackout notice
An employee travels 30 miles each way to work via mass transit each day. Which type of employee benefit could assists the employee in paying the fares for the transit?
Commuter assistance
Which type of healthcare coverage allows for the maximum freedom of choice and minimum cost control?
Feed for service
What are some common types of defined benefit retirement plans?
Career-average formula plan
Flat-dollar formula plan
Cash-balance plan and
Final-pay formula plan
Under which type of healthcare funding does the employer received a percentage of the savings?
Minimum premium plan
Which type of life insurance allows an employee to insure their spouse and children?
Dependent group life
Which act protects employees and beneficiaries covered by a pension plan from losses in benefits due to job changes, plant closings, bankruptcies, or mismanagement?
The employee Retirement Income Security Act (ERISA) 1974
Which act prohibits discriminations based on certain protected classes?
The Civil Rights Act
What is the minimum organization size at which employees are required to communicate general notification of federal COBRA rights?
20 or more employees
Which law related to healthcare benefits applies to employers with 15 or more employees and expands the definition of sex discrimination?
Pregnancy Discrimination Act
What is not one of the advantages of offering healthcare benefits?
Reduce administrative burden on employers
