Module 1 Flashcards
Any form of compensation other than direct wages paid to employees
Broad view of employee benefits
A legally mandated benefit paid by the employer that is excluded in the narrow view
Social Security (including OASDI), Medicare, unemployment insurance, workers compensation
A 1948 NLRB legal case that stipulated the duty to bargain in good faith over wages; also included insurance and fringe benefits such as pensions
Inland Steel
A NLRB case that ruled that “wages” in good faith bargaining include health and accident plans
W.W. Cross & Co. v. National Labor Relations Board
An alternative name for the Labor Management Relations Act
Taft-Hartley Act
This Act set the framework for good-faith collective bargaining over wages, hours, working conditions, terms of employment, and benefits.
Labor Management Relations Act
A stipulation of categories of individuals that will be covered in a benefit plan. Categories can be based on employment status and dependent status.
Categories of persons covered by employee benefit plans
A benefit funding option where the employer pays all the cost
Non-contributory benefit plans
A benefit funding approach where the employer and employees share the cost
Contributory benefit plans
A systematic method of analysis of an employer’s benefits program that analyzes the program’s ability to meet participants’ needs, manage loss exposures, and fit compensation and cost parameters
Functional approach
A program that includes all types of employer-offered compensation, long-term incentives, and employee benefits
Total compensation philosophy
A benefit philosophy that ties salary or pay levels of employees to their tenure
Compensation/ service-oriented philosophy
A benefit philosophy where the employer focuses on the needs of the participants
Benefits/ needs-oriented approach
Disability, death, and property damage insurance can all be provided to employees to prevent what?
Serious loss exposures
The formula used to determine the level of retirement or disability pay an employee may receive expressed as a percentage
Replacement ratio
