Compensation Final

How many weeks of leave does the Family Medical Leave Act (1993) mandate for all workers at companies that employ 50 or more people?

12 weeks

Which of the following is a benefit under Social Security?

Lump-sum death payments

Trumbrella Corp. is a pharmaceutical company. One of its employees reports that he has suffered an on-the-job injury caused by the slippery factory floor that resulted in severe damage to his backbone. When Trumbrella initiates its claims processing, it should first:

determine whether the accident actually happened.

Contingent workers receive ________ benefits than regular workers; contingent workers' benefits cost ________ for employers than it does for regular workers.

fewer; less

The typical employee can recall ________ percent of the benefits he or she receives.

less than 15

The biggest cost-containment strategy in recent years is the movement to:

outsourcing

A survey shows that most employers are responding to increased benefit costs by

requiring employees to pay higher deductibles and copays.

Today, ________ percent of workers participate in the pension plan coverage provided by their employers.

53

Approximately ________ percent of private-sector employees have access to paid life insurance.

90 (?)

In an attempt to reduce the employee benefits cost to the company, GrindStop Corp. restricts the number of visits to the dentists covered in the dental plan to two per year for each employee. Which of the following cost-containment strategies is being used by GrindStop?

Benefit limitations

Which of the following companies uses probationary periods as a cost-containment measure?

DLG Corp., which excludes its new recruits from benefit coverage until they complete a year

Which of the following is true of the Affordable Care Act?

It is aimed at expanding health care coverage through an individual mandate to purchase health insurance and an employer mandate to provide qualifying health insurance coverage. (?)

Which of the following best describes the impact of the Maintenance Act (1973) on employee benefits?

It required employers to offer alternative health coverage options to employees.

In the context of benefits communication methods, which of the following is mostly true about an information portal?

It requires ongoing maintenance and an intuitive user interface.

Maxford Corp. offers full vesting after two years. However, it does not offer portability of pension to its employees. Which of the following statements is true in this scenario?

Maxford does not have to provide vested benefits to employees who quit before six months.

DrenchFort Corp. is a small company that pays high wages. As its wages are high, it does not provide any benefits. Recently, it has noticed that its employee turnover has increased, so it decides to provide benefits to retain employees. Which of the following benefits is most likely to reduce turnover?

Medical coverage

Michael was laid off by his company owing to budget cuts. Before being laid off, he earned $1,000 per week. If he has been receiving unemployment insurance benefits for 26 weeks, which of the following statements is true in this scenario?

Michael is no longer eligible for unemployment benefits.

The ________ requires individuals to maintain minimal essential health insurance coverage or pay a penalty unless exempted for religious beliefs or financial hardship.

Patient Protection and Affordable Care Act

In the context of cost containment, which of the following best describes the practice of "copay"?

Requiring that employees pay a fixed or percentage amount for coverage

Jennifer is hurt at work while driving a forklift. Her employer claims that she was injured as a result of her careless driving and is therefore not eligible for workers' compensation. What will be the outcome of the employer's challenge to her worker's compensation claim?

She will likely receive workers' compensation benefits.

________ allows employees who resign or are laid off through no fault of their own to continue receiving health coverage under their employer's plan at a cost borne by the employee.

The Consolidated Omnibus Budget Reconciliation Act (1984)

Which of the following requires individuals to maintain minimal essential health insurance coverage or pay a penalty unless exempted for religious beliefs or financial hardship?

The Patient Protection and Affordable Care Act (2010)

The ________ was enacted by the Congress to provide current and former employees and their spouses and dependents with a temporary extension of group health insurance when coverage is lost due to qualifying events.

The ________ was enacted by the Congress to provide current and former employees and their spouses and dependents with a temporary extension of group health insurance when coverage is lost due to qualifying events.

In the context of the Consolidated Omnibus Budget Reconciliation Act, which of the following statements is true?

The biggest concern for individuals getting health insurance under the Consolidated Omnibus Budget Reconciliation Act is the relatively brief qualifying period.

Which of the following is an objective of the unemployment insurance program?

To provide an incentive for employers to stabilize employment

What is the first question that should be asked when determining the amount of retirement income an employer should provide?

What level of retirement compensation would the employer like to set as a target, expressed in relation to preretirement earnings?

A benefit plan that allocates a set dollar amount to employees and allows them to select benefits is called a ________ plan. Question options:

a flexible benefit

In a(n) ________, employees have a hypothetical account into which is deposited what is typically a percentage of annual compensation.

cash balance plan

Experts attribute the stabilization in the dollar cost of workers' compensation since 2010 to:

employer safety programs.

In the majority of states, unemployment insurance is financed exclusively by:

employers that pay federal and state unemployment insurance.

The first issue in setting up a benefits package is: Question options:

finding out who should be protected or benefited.

All of the following factors are reasons for the growth of benefits EXCEPT:

foreign lawsuits

A ________ plan is a hybrid health plan combining the benefits of a health maintenance organization and a ________.

point-of-service; preferred provider organization

________ relieve an employer's liability when a preemployment injury combines with a work-related injury to produce a disability greater than that caused by the latter alone.

second-injury fund

An employer experiencing high turnover and seeking to reduce pension costs is likely to prefer:

full vesting after three years.

Various studies have found that only two specific benefits curtailed employee turnover, namely ________ and ________.

pensions; medical coverage

One of the most preferred benefits is

stock plans

The majority of defined benefit plans calculate average earnings over the last ________ years of service for a prospective retiree.

3 to 5

________ are defined benefit plans that look like a defined contribution plan.

Cash balance plans

If a benefit forecast suggests future cost containment may be difficult, the benefit should:

be offered to employees only on a cost-sharing basis.