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HRM Final > Chapter 13 > Flashcards

Chapter 13 Flashcards

Benefits

1
Q

add 46.4% every payroll dollar and account for 311.7% of total compensation package

A

Benefits

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2
Q

Social Security Act and other legislation

A

required

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3
Q

percentage of additonal earnings that goes to taxes

A

marginal tax rate

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4
Q

employer as a group can buy insurance at lower rate than individual due to economies of scale

A

cost advantage

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5
Q

growth from 1930s though 1950s’ (NLRA)

A

Influence of unions

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6
Q

Unique benefits differentiate employers for current or prospective employees

A

Competitive advantage

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7
Q

Old age insurance
unemployment insurance
survivors insurance
disability
hospital

A

Social Security Act 1935

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8
Q

Begins at age 65

A

Retirement

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9
Q

Offsets lost income during involuntary unemployment

A

Unemployment insurance

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10
Q

Must have prior attachment to the workforce
Must be available for work
Must be actively seeking work
Not discharged for wrongful misconduct

A

Eligibility requirements unemployment

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11
Q

Covers job related injuries and death

A

Workmans comp

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12
Q

Employee does not need to establish gross negligence by employer but employer receives immunity from lawsuits in return

A

No-Fault Liability

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13
Q

Employers must permit employees to extend company health insurance coverage at group rates for up to 36 months following a qualifying event

A

Consolidated Omnibus Budget Reconciliation Act 1985

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14
Q

termination, reduction in hours that leads to loss of health insurance or death

A

qualifying events

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15
Q

Benefits for 6 months or less

A

Short term disability

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16
Q

Benefits over 6 months

A

longer-term disability

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17
Q

The benefit received is defined

A

Defined benefit plan

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18
Q

Investment risk for defined benefit plan

A

employer

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19
Q

Part of ERISA to protect employee retirement benefits in situation of severe er financial difficulty

A

Pension Benefit Guaranty corporation

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20
Q

The amount contributed is guaranteed

A

Defined contribution plan

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21
Q

at risk with Defined contribution plan

A

employee

22
Q

Employer specifies level of annual contribution but employee is entitled to contribution + investment returns at retirement

A

Money purchase plan

23
Q

employee receives a share of profits

A

Profit sharing plan

24
Q

Employee receives shares of employers stock

A

employee stock ownership plans

25
Q

Employee defers compensation on pre-tax basis

A

section 401k plans

26
Q

Requires defined contribution plans with publicly traded securities to provide employees with opportunities to divest employer security and minimum 3 investment option other employer securities

A

Pension Protection Plan

27
Q

describes funding, eligibility requirements risks

A

summary plan description

28
Q

Employer only contributes percentage of employees salary into retirement account

A

Cash Balance plans

29
Q

ERISA guarantee that employees participating in pension plan and worked specified minimum number of years will receive pension upon retirement

A

Vesting rights

30
Q

provide financial incentive for eligible employees too retire early in order to reduce workforce

A

Early retirement programs

31
Q

Full salary replacement for up to 26 weeks- based on accumulated based on length of service

A

Paid sick leave programs

32
Q

policies to help balance work and family

A

Family - friendly benefits

33
Q

employers with 50 or more employees,
triggering circumstances: birth/adoption
care of sick child, own illness
12 weeks unpaid leave guaranteed some or comparable job upon return to work

A

FMLA

34
Q

Deductibles, coinsurance, exclusions, limitations, max benefits

A

How employers shift costs to employees

35
Q

Benefits on prepaid basis but must use only HMO service providers

A

HMO

36
Q

Group of health care providers who provide health care at reduced fee

A

PPO’s

37
Q

Focus on changing behaviors that could lead to health problems

A

Preventive employee wellness programs

38
Q

Little or no outreach to employees, no ongoing support to motivate usage

A

Passive employee wellness programs

39
Q

combines awareness and opportunity, support and reinforcement

A

active employee wellness programs

40
Q

employees work more hours in order to have more money to pay fixed benefits cost

A

overtime

41
Q

insufficient hours to qualify for benefits

A

part time temporary workers

42
Q

no employer obligation to provide legally required employee benefits

A

independent contractor

43
Q

written information
Online tools

A

how to communicate benefit value

44
Q

permit employees to choose types and amounts of benefits

A

Flexible benefit plans

45
Q

pre-tax contributions to employee account to pay for uncovered healthcare expenses

A

Flexible spending account

46
Q

Penalties for not providing health benefits
Increases medicare hospital insurance
New tax on cadillac insurance plans
Dependent coverage until age 26
well ness programs

A

Affordable care act 2010

47
Q

plan receives this status of meets certain rules

A

Qualified plan

48
Q

Illegal for employers to require women to contribute more to a defined benefit plan than men

A

1978 manhart ruling

49
Q

No discrimination against employees over age 40 in pay or benefits

A

Age discrimination in Employment act

50
Q

Early retirement incentive programs must meet certain standards to avoid legal liability

A

Older workers benefit protection act

51
Q

Employees with disabilities must have equal access to whatever health insurance coverage er provides with other employees

A

ADA 1992

52
Q
A

HRM Final (6 decks)

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