Chapter 9 Flashcards
1
Q
What are legally required benefits?
A
- vacation and holidays
- leaves of absence
- compassionate care leave
- pay on termination
- pay for mass layoffs
2
Q
Two types of pension plans
- defined benefit pension plan
- defined contribution pension plan
A
- contains a formula for determining retirement benefits
2. employers contribution to the employees retirement fund is specified
3
Q
What are some recent retirement benefits?
A
- Human rights laws have led to allow same sex couples to be entitled to benefits
- phased in retirement
- online retirement planning tools
4
Q
WHat is a flexible benefit plan?
A
- allows employees to develop individualized benefits
- **Two contraints
1. employer must limit total cost for each total benefit package
2. each plan must include non-optional items
