Chapter 13

Question 1

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

Answer 1

Benefits

Question 2

Social Security Act and other legislation

Answer 2

required

Question 3

percentage of additonal earnings that goes to taxes

Answer 3

marginal tax rate

Question 4

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

Answer 4

cost advantage

Question 5

growth from 1930s though 1950s’ (NLRA)

Answer 5

Influence of unions

Question 6

Unique benefits differentiate employers for current or prospective employees

Answer 6

Competitive advantage

Question 7

Old age insurance
unemployment insurance
survivors insurance
disability
hospital

Answer 7

Social Security Act 1935

Question 8

Begins at age 65

Answer 8

Retirement

Question 9

Offsets lost income during involuntary unemployment

Answer 9

Unemployment insurance

Question 10

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

Answer 10

Eligibility requirements unemployment

Question 11

Covers job related injuries and death

Answer 11

Workmans comp

Question 12

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

Answer 12

No-Fault Liability

Question 13

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

Answer 13

Consolidated Omnibus Budget Reconciliation Act 1985

Question 14

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

Answer 14

qualifying events

Question 15

Benefits for 6 months or less

Answer 15

Short term disability

Question 16

Benefits over 6 months

Answer 16

longer-term disability

Question 17

The benefit received is defined

Answer 17

Defined benefit plan

Question 18

Investment risk for defined benefit plan

Answer 18

employer

Question 19

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

Answer 19

Pension Benefit Guaranty corporation

Question 20

The amount contributed is guaranteed

Answer 20

Defined contribution plan

Question 21

at risk with Defined contribution plan

Answer 21

employee

Question 22

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

Answer 22

Money purchase plan

Question 23

employee receives a share of profits

Answer 23

Profit sharing plan

Question 24

Employee receives shares of employers stock

Answer 24

employee stock ownership plans

Question 25

Employee defers compensation on pre-tax basis

Answer 25

section 401k plans

Question 26

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

Answer 26

Pension Protection Plan

Question 27

describes funding, eligibility requirements risks

Answer 27

summary plan description

Question 28

Employer only contributes percentage of employees salary into retirement account

Answer 28

Cash Balance plans

Question 29

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

Answer 29

Vesting rights

Question 30

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

Answer 30

Early retirement programs

Question 31

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

Answer 31

Paid sick leave programs

Question 32

policies to help balance work and family

Answer 32

Family - friendly benefits

Question 33

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

Answer 33

FMLA

Question 34

Deductibles, coinsurance, exclusions, limitations, max benefits

Answer 34

How employers shift costs to employees

Question 35

Benefits on prepaid basis but must use only HMO service providers

Answer 35

HMO

Question 36

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

Answer 36

PPO's

Question 37

Focus on changing behaviors that could lead to health problems

Answer 37

Preventive employee wellness programs

Question 38

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

Answer 38

Passive employee wellness programs

Question 39

combines awareness and opportunity, support and reinforcement

Answer 39

active employee wellness programs

Question 40

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

Answer 40

overtime

Question 41

insufficient hours to qualify for benefits

Answer 41

part time temporary workers

Question 42

no employer obligation to provide legally required employee benefits

Answer 42

independent contractor

Question 43

written information Online tools

Answer 43

how to communicate benefit value

Question 44

permit employees to choose types and amounts of benefits

Answer 44

Flexible benefit plans

Question 45

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

Answer 45

Flexible spending account

Question 46

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

Answer 46

Affordable care act 2010

Question 47

plan receives this status of meets certain rules

Answer 47

Qualified plan

Question 48

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

Answer 48

1978 manhart ruling

Question 49

No discrimination against employees over age 40 in pay or benefits

Answer 49

Age discrimination in Employment act

Question 50

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

Answer 50

Older workers benefit protection act

Question 51

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

Answer 51

ADA 1992