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life insurance

3/4 of employees have it, nearly all are forfeitable upon quitting, some offer a core coverage with optional additional coverage available

DC plans

401k plan, employee stock ownership plan (ESOP), profit sharing plan

consolidated omnibus budget reconciliation act

COBRA

overtime

FLSA requires pay at one and a half times standard pay for more than 40 hours/week

health insurance portability and accountability act

HIPAA

workers compensation

a form of no-fault insurance, covers injuries/diseases arising from employment; covered by state laws

point of service plan (POS)

a hybrid plan combining HMO and PPO benefits

contemporary employers face

a skilled workforce, higher training costs, and higher benefit costs, fixed per employee

types of discrimination

access discrimination and valuation discrimination

sec rule change on executive disclosure

adopts enhanced executive compensation disclosure requirements

noncompete agreements

agree not to work for a competitor

companies respond by

altering their practices, defending their practices before the courts, or lobbying for legislative change

vesting

amount of time an employee must work before employer contributes to the plan

COBRA

applies if 20 or more employees

FMLA

applies if 50 or more employees

individual retirement accounts (IRA)

are a tax favored retirement savings plan that individuals can establish themselves

portability

becomes an issue from employees moving to new organizations

defined benefit plans

benefit amount takes average earning of last 3-5 years, and pays about half, or 30-80% adjusted for seniority

other exemp info

blue collar workers and first responders are not exempt

unemployment benefits

charged against the most recent employer causing their unemployment insurance rate

administrative exemption

compensated by salary not less than $455 per week

executive exemption

compensated by salary not less than $455 per week

computer employee exemption

compensated either $455/week salary, or $27.63/hour

creative professional exemption

compensated on salary/fee of not less than $455/week

professional exemption

compensated on salary/fee of not less than $455/week

contributory

costs are shared with employee

short term disability (STD)

covered by PTO; pays a percentage of an employee's salary for temporary disability

fair labors standards act

covers all employees of companies engaged in interstate commerce or in the production of goods for interstate commerce

securities exchange act 1934

created the securities and exchange commission

fair labor standards act

created time and a half overtime pay. benefits linked to pay increase correspondingly with those overtime hours

outside sales exemption

customarily engaged away from employer's business

HIPAA

designed to prevent discrimination on the basis of health

changes in minimum wage

directly effects workers and indirectly raises everyone's base pay, and the spillover effect

executive order 13665

directs regulators to develop financial industry specific rules

executive exemption

directs the work of at least two full time employees

theories of discrimination behavior

disparate treatment and disparate impact

computer employee exemp

employed as a skilled worker in the computer field

cost effectiveness of benefits

employee benefits are not taxable, group based benefits come at a lower cost

financial accounting standards board statement 123 R

employee stock options must be expenses or financial statements

general requirements of ERISA

employees are eligible from age 21 but may require one to three years of service

ESOP

employer makes a tax deductible contribution of stock shares or cash to a trust; the trust allocates stock to employees based on earnings

noncontributory

employer pays total cost

defined benefit plans

employer provides a pension in either a fixed dollar, or a percentage of earnings, seniority

lilly ledbetter fair pay act

employers liable for pay loss resulting from discrimination

pension benefit guaranty corporation (PBGC)

employers must buy insurance from the PBGC who guarantee payment of vested benefits

COBRA

enacted in 1985

family and medical leave act (FMLA)

enacted in 1993

HIPAA

enacted in 1996

federal trade commission

enforces antitrust laws

equal pay act 1963

equal pay for men and women doing "substantially similar" work

factors influencing employee

equity fairness in what others recieve, personal needs as linked to age, sex, marital status, dependents

SEC

executive compensation rules

sarbanes oxley act 2002

executives cannot retain bonuses or stock if they mislead the public

worker economic opportunity act

exempts stock options and bonuses from overtime pay calculations

skill

experience, training, education, and ability as measured by job performance requirements

COBRA

extends health coverage during certain events

walsh healey public contracts act 1936

extends prevailing wage to suppliers of governement contracts

governments interests

fair pay, safety nets for the unemployed, and protecting employees from exploitation

unemployment insurance

financed by employers federal and state unemployment insurance tax

defined benefit plans

financed by following a formula, making investments now that yield the future pension benefit

troubled asset relief program, american recovery and reinvestment act

financial institutions receiving TARP funds must meet all restrictions on compensation, prohibits several pay programs

major requirement of ERISA

general requirements, vesting and portability, pension benefit guaranty corporation, pension protection act of 2006

other exemption information

highly compensated employees who earn $100,000/year are exempt

outsourcing

hiring vendors to administer the benefit program

cash balance plan

hybrid, a cash account grows from annual employee and employer contributions

dodd frank wall street reform and consumer protection act

increases SEC requirements on stock and executive compensation

civil rights act of 1991

increases burden of proof on employers; covers international

professional exemp

knowledge gained by specialized instruction

professional exemp

knowledge must be in a field of science or learning

davis bacon act 1931

laborers on public construction must be paid "prevailing wage"

3 branches of federal government

legislative branch, executive branch, and judicial branch

HIPAA

lessen denial for preexisting condition

health maintenance organization (HMO)

limited group of providers at agreed upon rates

valuation discrimination

looks at the pay women and minorities receive for the jobs they perform

preferred provider organization (PPO)

lower rates for employer selected providers

26 weeks

maximum number for unemployment

mental health act 1997

mental illness covered the same as other medical conditions

effort

mental or physical, the degree of effort actually performed on the job

living wage

minimum wage tailored to living costs at local levels ; popular, backed by unions and churches; speculated objective is to reduce cost savings from outsourcing

americans with disabilities act 1990

must accommodate a person able to fulfill essential elements of a job

other exemp info

must comply with state laws if they are more strict than federal law

executive exemption

must have authority to hire or fire other employees

employer

must pay social security, unemployment and workers compensation taxes on wages and salaries, unless the worker is an independent contractor

social security

nearly every american worker is covered, money for benefits comes from employees, employers, and self-employed

unions

negotiation rights acquired from wagner act 1935; pension plans, unemployment, vacation plans, and guaranteed annual salary started here

financing benefits

noncontributory, contributory, employee financed

4 factors in labor cost model

number of employees, hours worked, cash compensation, benefit costs

benefits under social security

old age or disability, dependents, surviving family members, and lump sum death payments

worker economic opportunity act 2000

overtime pay does not have to include stock plan income

miscellaneous benefits

paid time off, maternity leave, companies switching from TTO to PTO, child care, elder care, domestic partner, legal insurance

employee benefits

part of the total compensation package, other than pay for time worked, provided to employees in whole of in part by employer payments

employee retirement income security act (ERISA)

passed in 1974, does not require a pension plan

pregnancy discrimination act 1978

pregnancy must be covered as a medical condition

computer employee exemp

primary duty consist of application of systems analysis techniques/procedures; design, development, testing, etc. of systems/programs; design, testing etc. of machine operating system programs; and a combination of these duties

outside sales exemption

primary duty is making sales or obtaining orders

administrative exemption

primary duty is office or non manual work

professional exemption

primary duty is work requiring advanced knowledge

creative professional exemp

primary duty is work requiring invention or original talent

executive exemption

primary duty must be managing

cost containment opportunities

probationary periods, benefit limitations, copay, administrative cost containment, deny service, outsourcing

pension plan

problems may be worse, government underfunds

title vii of civil rights act of 1964

prohibits discrimination on basis of race, sex, color, religion, or national origin

executive order 11246 of 1965

prohibits federal contractors from discriminating on the same basis as above

age discrimination in employment act 1967

protects employees 40 and older from age discrimination

the pension protection act of 2006 (PPA)

protects retirement income and transfers responsibility from employer to employee and identifies at risk plans that are less than 70% funded

minimum wage

provides an income floor for workers in society's least productive jobs

human resource planning system

reduces hasty hiring, and a benefit administrator should audit pre-layoff behavior and compliance with UI requirements

factors influencing employer

relationship to total comp, costs relative to benefits, competitor offerings, role of benefits, legal requirements

employee benefit communication

revolves around 4 issues, most common method is benefit handbook; e-benefits

financial accounting standards board

rules governing executive and employee compensation

laws enforced by agencies through

rulings, regulations, inspections, and investigations

private sources of disability income

salary continuation plans and long term disability plans

401k

savings plan where employees can defer pretax income; match 50 cents on the dollar

prevailing wage laws

set pay for work done to produce goods and services contracted by the federal government

fair labor standards act 1938

sets minimum wage, hours worked, overtime; prohibits child labor

wage and price controls

started in WW 2 and korean war; strict limiations on wage increases led unions and employers to provide benefits

eligibility for unemployment insurance

states require a "base period" and unemployed through no fault of their own

long term disability (LTD)

take over when short term plans expire; usually underwritten by insurance, provides 60 to 70 percent of pay for two years, up to life

IRS

tax and rules for executive pay

responsibility

the degree of accountability required in the job performance

access discrimination

the denial of particular jobs, promotions or training opportunities to qualified women or minorities

defined contribution plans

the employer sets up an investment account for each participating employee

government defined prevailing wage

the minimum wage that must be paid for work done on covered government projects or purchases

working conditions

the physical surroundings and hazards of a job; inside/outside, heat/cold, and poor ventilation

profit sharing plan

this can be considered a DC pension plan if the distribution of profits are delayed until retirement

portal to portal act

time spent on activities before beginning the principle activity is not compensable

arbitration

to resolve individual disputes

employer impetus

traced to pragmatic concerns about employee satisfaction and productivity, benefits slowly became a costly entitlement

defined benefit plans and defined contribution plans

two generic pension plans

ERISA

two goals: to protect 100 million active participants, and to stimulate the growth of such plans

child labor

under 18 cannot work hazardous jobs; under 16 cannot work in jobs involving interstate commerce, except for a parent; unions publicize child labor overseas

controlling unemployment taxes

unemployment benefits, human resource planning system, government actions

FMLA

up to 12 weeks of unpaid leave

family and medical leave act 1993

up to 12 weeks of unpaid leave for family/medical emergencies

administrative exemption

uses discretion and independent judgement in the job

Growth in employee benefits

wage/price control, unions, employer impetus, cost effectiveness, government impetus

four issues of employee benefit communication

what is communicated, to whom, how it is communicated, and how frequently

claims processing

when an employee asserts an event has occurred and demands the employer pay

their contributions, employer contributions, and any gains in stock investments

when employee retires with a defined contribution plan, the pension is based on

reverse discrimination

when men receive less than women when adjusted

setting up a benefit package

who should be protected or benefited, how much choice should employees have, how should benefits be financed, are benefits legally defensible

legally required benefits

workers comp, social security, unemployment compensation, FMLA, COBRA, HIPAA

government impetus

workers compensation, unemployment, social security

benefits for contingent workers

working through a temp agency, for a contract company, on call, as an independent contractor


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