Benefits M3 Flashcards
What is the name of the programs employers use to supplement the cash compensation given to employees?
Benefits
What are 4 types of benefits programs?
Health, income protection, savings, and retirement
What are the 2 elements of benefits?
income protection and pay for time not worked
Name 6 examples of income protection benefits
unemployment, medical, retirement, mental health, wellness and life insurance.
What are 3 examples of pay for time not worked programs
training, holiday, vacation
There are several factors that influence
our benefits. Name at least 5.
competitive practice, employee demand, regulatory / legal environment, taxation, business strategy, cost, perceived value of benefits, and changing workforce
demographics
What does ERISA stand for and what does it protect?
Employee Retirement Income
Security Act. It protects the interest of employees, the participants and their beneficiaries, and the employee benefit plan
What does PPACA stand for and what is it also commonly referred to as?
Patient Protection and Affordability
Care Act, commonly called the Affordable Care Act
What are the benefits of the PPACA
It is well known for expanding access to coverage to the uninsured and for lowering overall cost of providing health insurance.
What are the different types of medical
plans that an organization may provide?
indemnity, managed indemnity, an HMO (health maintenance organization), a POS (point of service), a PPO (preferred provider organization), or a CDHP (a consumer driven health plan)
As what type of benefit is disability insurance categorized and what amount of coverage do companies typically offer?
Classified as a welfare benefit. Companies usually cover 30% - 100% of base salary.
What are the 3 different types of retirement benefits programs?
A defined benefit plan, a defined
contribution plan or hybrid plan.
Which type of retirement plan generally provide better benefits to employees with longer service?
Defined Contribution
Name 4 types of defined contribution retirement plans.
Savings or thrift plan, a profit sharing plan, a money purchase plan, a 401k plan
Under the FLSA, what type of “time not worked” is required to be paid to the employee while at work.
rest periods or break period, wash up time, clothes changing time depending on the type of industry, travel time, coffee and or smoke breaks, birthday celebrations
Name a few examples of times when an organization would pay for “time not worked” outside of work.
vacations, holidays, sick time, jury duty and bereavement.
Which of the following best describes the two primary elements of benefits programs?
A. Income protection and pay for time not worked
B. Health insurance and social security
C. Medical and dental plans
D. Income protection and retirement
A. Income protection and pay for time not worked
Which of the following is a major factor influencing the growth and change of employee benefits?
A. The availability and quality of internal data
B. The recent market data
C. The government
D. Defined benefits retirement plans
C. The government
Which of the following is typically considered a type of income protection program?
A. Vacation/holiday benefits
B. Retirement benefits
C. Sick leave
D. Variable pay
B. Retirement benefits
Which of the following refers to a pay for time not worked program?
A. Merit-based pay
B. Holiday pay
C. Weekend differential pay
D. Commission pay
B. Holiday pay
