Module 1 Flashcards
Employer Share of social security
Legally required benefit
Workers Comp
Legally required benefit
Unemployment Insurance
Legally required benefit
State Temporary Disability Income Insurance
Legally required benefit
OASDI
old age survivor disability insurance
Payments for time not worked (vacation, holiday)
Broad View
Employer share of medical and medical related
Broad View
Employee Discounts
Broad View
Education
Broad View
Child Care Benefits
Broad View
Defined Benefit
Pension
Defined Contribution
401k, 403b
403B Plan
not for profit, religious, school districts, gov - costs are lower
Inland Steel vs NLRB
Ruled bargain in good faith over wages and include insurance & fringes (pension)
NLRB
National Labor Relations Board
Wages
Not included in Broad View
Narrow View of Emp Benefits
any type of plan sponsored or jointly engaged by ER/EE and not underwritten by gov
WW Cross vs NLRB
Ruled wages included health and accident plan
Taft-Hartley Act
Labor Management Relations Act: Good faith collective bargaining over wages, hours, conditions, & terms of employment/benefits
Good-Faith Bargaining
duty of parties to meet and negotiate at reasonable times with willingness to reach agreement on matters without being required to make a concession or agree to any proposal
Example of Tax Advantages of Employee Benefit Plan
ER Contributions are tax deductible
ER Contributions are not considered income to EE
Certain Retirement Benefits accumulate tax free until distributed
