4302 Chapter 12 & 13

Worker's compensation, Unemployment insurance, Social Security

3 employee benefits are mandated by either the state or federal government, they are:

401K

A defined contribution plan where the dollar contribution is known and controllable.

20

All employers with ___ or more employees must comply with COBRA.

worker's comp

As a form of no-fault insurance, covers injuries and diseases that arise out of, and while in the course of, employment.

• Employee Retirement Income Security Act (ERISA) is one such law. • Patient Protection and Affordable Care Act is another.

Benefits affected by laws:

workers comp, social security, unemployment compensation

Benefits that are required by statutory law:

caring for a newborn or seriously ill spouse, child or parent.

Common reasons for leave under FMLA include:

contributory

Costs are shared between employer and employee.

Employee Retirement Income Security Act

ERISA stands for:

Employee financed

Employee pays total costs for some benefits-by law the organization must bear the cost for certain benefits.

Noncontributory

Employer pays total cost

Probationary periods

Excluding new employees from benefit coverage until some term of employment is completed.

Equity

Fairness historically and in relation to what others receive.

base period

For workers to be covered by unemployment insurance, they must satisfy the state requirements for wages earned or time worked during a specific time period referred to as ________.

1. "who" should be protected or benefited? 2. How much "choice" should employees have among an array of benefits? 3. How should benefits be "financed"? 4. Are the benefits "legally" defensible?

Four major issues in setting up a benefit package:

Health insurance portability and accountability act

HIPAA stands for

26 weeks

Historically the maximum number of weeks for UC was ______.

PBGC ( Pension benefit guaranty corporation)

It guarantees payments of vested benefits to employees formerly covered by terminated pension plans.

HMO

Limited group of providers at agreed upon rates.

Paid Time Off (PTO)

Most prevalent practice is _____________.

Social Security

Nearly every american worker is covered with ___________.

pensions and medical coverage.

Only two specific benefits have a significant employee turnover:

HIPAA

Prohibits discrimination on a basis of health-related status.

standard delivery system

The dental equivalent of health maintenance organizations (HMO) and preferred provider organizations (PPO) is the _________.

- protect interest of 100million active participants -to stimulate growth of pension systems

What are the goals of the employee retirement income security act (ERISA)?

State

Worker's compensation is mandated by the ____________.

Three-fourths

_____________ of employees have paid life insurance.

cash balance plans

defined benefit plans that look like a defined contribution plan.

Short-Term disability

pays a percentage of an employees salary for temporary disability.

Long-term disability

plans that take over when short-term plans expire.

Vesting

the length of time an employee must work for an employer before he or she is entitled to employer payments made into the pension plan.

102%

with COBRA an employer can charge individuals up to _____________ of the premium.

Employee stock ownership

A _________ plan is a defined contribution plan in which companies make a tax-deductible contribution of stock shares or cash to a trust.

401K

A savings plan in which employees are allowed to defer pretax income.

Individual retirement account (IRA)

A tax-favored retirement savings plan that individuals can establish themselves.

Family and Medical Leave Act (FMLA)

All employers having 50 or more employees and entitles all eligible employees to receive unpaid leave up to 12 weeks per for specified family or medical reasons.

employee benefits

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

POS

Hybrid plan combing HMO and PPO benefits.

53 weeks

In 2008-2013, UC was extended to a maximum of _________.

Employers

In most states, unemployment insurance is financed by ______.

COBRA

Law enacted by 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 (layoffs).

PPO

Lower rates for employer selected providers.

market-based, or customer-driven.

Offer ___________, or ________, healthcare to increase employee awareness.

Point of service

POS stands for

Wagner Act of 1935

Several benefits common today started here.

Federal government.

Social security is mandated by the ___________.

1. Old age 2.benefits for dependents of retired or disabled workers 3. benefits for surviving family members of a deceased worker 4. lump-sum death payments.

The majority of benefits under social security fall into four categories:

employee benefit handbook

The most common way of Administering the benefit program is the _______.

Defined Benefit Defined Contribution

Two generic pension plans are:

Federal government

Unemployment insurance is mandated by the _______.

Consolidated Omnibus Budget Reconciliation Act

What does COBRA stand for?

Employee Retirement Income Security Act (ERISA)

______________ affects pension administration.

Second-injury

certain states grant _________ funds to allay an employer's liability in the event that a pre-employment injury couples with a work-related injury, resulting in a disability greater than that caused by the latter alone.

experience rating

the extra amount of unemployment compensation paid by a company depends on its _______.

Brief qualifying period, After 18 months you're not eligible.

what is the biggest concern for individuals getting health insurance under COBRA?

cash balance plans

Defined benefit plans that resemble defined contribution plans are called ___________.

HIPAA

Designed to lessen an employer's ability to deny coverage for a preexisting condition.

1. protect the interest of approximately 100 million active participants 2. to stimulate the growth of such plans.

ERISA provisions were designed to acheive two goals: