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HR Test 3 > Benefits Day 25 > Flashcards

Benefits Day 25 Flashcards

1
Q

Non-wage/salary goods and services provided to employees

A

Employee benefits

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2
Q

Compensation in forms other than cash, considered to be part of employees total compensation

A

Employee benefits

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3
Q

Why are benefits packages harder for employees to understand and appreciate?

A

They are more complex than pay structures

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4
Q

These contribute to attracting, retaining, and motivating employees

A

Benefits

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5
Q

On average, out of every dollar spent on compensation, how much goes towards benefits

A

30 cents

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6
Q

Federal and state governments require what 5 benefits?

A 
Social security
Unemployment insurance
Workers compensation
Family and medical leave
Healthcare
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7
Q

A federally mandated program administered by the states focused on minimizing the hardship of unemployment though payments, help finding new jobs, and incentives to stabilize employment

A

Unemployment insurance

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8
Q

Where does most funding for unemployment insurance come from

A

Federal and state taxes on employers

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9
Q

The size of the unemployment tax imposed on each employer depends on

A

The employer’s experience rating, based on the number of employees a company has laid off in the past

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10
Q

To receive unemployment insurance benefits, workers must meet what four conditions

A

They demonstrate they were employed
They are available for work
They are actively seeking work
They were not discharged for cause, did not quit voluntarily, and are not out of work because of a labor dispute

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11
Q

State programs that provide benefits to workers who suffer work-related injuries or illnesses, or to their survivors

A

Workers compensation insurance

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12
Q

No-fault liability

A

An employee does not need to show that the employer was grossly negligent in order to receive compensation
The employer is protected from lawsuits

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13
Q

This requires organizations with 50 or more employees to provide up to 12 weeks of unpaid leave:
After childbirth or adoption
To care for a seriously ill family member
For an employee’s own serious illness

A

Family and Medical Leave Act (FMLA)

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14
Q

Family and Medical Leave Act (FMLA) requires organizations with 50 or more employees to provide up to 12 weeks of unpaid leave when (3)

A

After childbirth or adoption
To care for a seriously ill family member
For an employee’s own serious illness

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15
Q

This outline requirements for insurance companies, incentives/penalties for employers, and public funding of health care

A

Patient Protection and Affordable Care Act (2010)

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16
Q

As of 2014, all organizations with over 200 employees must offer ______; organizations with 50 or more employees will face a penalty for not providing it.

A

Health insurance

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17
Q

Employers pay employees for the time spent not working; receive nothing in return

A

Paid leave

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18
Q

Why is unpaid leave an employee benefit?

A

Because the employee usually retains seniority and other benefits during the leave

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19
Q

A flexible approach that establishes pools of personal, sick, and vacation days for employees to use as the need arises

A

Paid Time Off (PTO) Bank

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20
Q

Optional health insurance: traditional coverage

A

Patients choose their doctors and facilities

Advantage is maximum choice and no third party to pay for administration purposes

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21
Q

Optional health insurance: health maintenance organizations (HMOs)

A

Must use doctors within the HMO coverage

Advantage is the emphasis on prevention and early treatment

22
Q

Optional health insurance: preferred provider organization (PPOs)

A

Coverage is similar to HMOs for preferred providers, with large copayments and deductibles for moving outside the plan.
Advantage is a direct contractual relationship from employers, healthcare providers, and employees

23
Q

According to this, if an employee terminates employment, then the employee is entitled to continue participating in the plan for up to 36 months

A

Consolidated Omnibus Budget Reconciliation Act (COBRA) of 1985

24
Q

Purpose of COBRA

A

Mostly to smooth over transitions between job changed and for those with ore-existing conditions

25
Q

3 reasons employee health and wellness is important to companies

A

Decreased number of sick days
Lower employee stress
Increased concentration at work

26
Q

3 examples of policies to achieve employee health and wellness

A

Health insurance
Exercise clubs/gym membership discounts
Specific wellness programs (e.g., smoking cessation, chemical dependency counseling, exercise trainers, meditation centers)

27
Q

6 optional insurance benefits

A 
Health insurance
Life insurance
Short-term disability insurance
Long-term disability insurance
Long-term care insurance
Retirement plan
28
Q

If the employee died during the term of the policy, then the employee’s beneficiaries receive a death benefit payment

A

Term life insurance

29
Q

Insurance that pays a percentage of a disabled employee’s salary as benefits to the employee for 6 months or less

A

Short term disability insurance

30
Q

Insurance that pays a percentage of a disabled employee’s salary after an initial period and potentially for the rest of the employee’s life

A

Long-term disability insurance

31
Q

Provide benefits toward long-term care and related medical expenses

A

Long-term care insurance

32
Q

Employers have no obligation to offer retirement plans beyond what

A

Social security

33
Q

This type of retirement plan is funded by contributions from the employer and employee

A

Contributory plan

34
Q

This type of retirement plan is funded entirely by contributions from the employer

A

Noncontributory plan

35
Q

Pension plan that guarantees a specified level of retirement income
The employer sets up a pension fund to invest the contributions

A

Defined benefit plan

36
Q

Retirement plans must meet the funding requirements of what Act

A

the Employee Retirement Income Security Act (ERISA) of 1974

37
Q

ERISA establishes this, a federal agency that insures retirement benefits and guarantees retirees a basic benefit if the employer experiences financial difficulties

A

The Pension Benefit Guaranty Corporation (PBGC)

38
Q

Retirement plan in which the employer sets up an individual account for each employee and specifies the size of the investment into that account
Money purchase plans, profit sharing and employee stock ownership plans, section 491(k) plans

A

Defined contribution plan

39
Q

These plans free employers from the risks that investments will not perform as well as expected

A

Defined contribution plan

40
Q

Retirement plan in which the employer sets up an individual account for each employee and contributes a percentage of the employee’s salary
The account earns interest at a predefined rate

A

Cash balance plan

41
Q

This arrangement helps employers plan their contributions and helps employees predict their retirement benefits

A

Cash balance plan

42
Q

This guarantees employees that become participants in a pension plan, and work a specified number of years, earn the right to a pension upon retirement

A

ERISA of 1974

Known as vesting rights

43
Q

Goal of vesting requirements

A

To protect employees from organization termination to avoid pension obligations

44
Q

3 legal issues with benefits

A

Tax
Antidiscrimination
Accounting

45
Q

Qualified plans, which require vesting and nondiscrimination rules, allow employees to take

A

Multiple tax advantages

46
Q

A benefits plan that offers employees a set of alternatives from which they can choose the types and amounts of benefits they want

A

Cafeteria-style plan

47
Q

Why must organizations communicate benefits information to employees?

A

So that they will appreciate the value of their benefits

48
Q

3 objectives of benefits

A

Attracting, motivating, and retaining employees

49
Q

This program combines old age (retirement) insurance, survivors insurance, disability insurance, hospital insurance, supplementary medical insurance

A

The Federal Old Age, Survivors, Disability, and Health Insurance (OASDHI)

50
Q

Workers who meet eligibility requirements for social security receive the retirement benefits according to

A

Their age and earnings history

51
Q

Unemployment insurance focused on minimizing get the hardship of unemployment through (3)

A

Payments to unemployed workers
Help in finding new jobs
Incentives to stabilize employment

HR Test 3 (4 decks)

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