Ch 13 Sample Questions (T or F)

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10. Surveys indicate that pension programs are the most important benefit to the average person.

F

11. Private pension income represents the largest single component of an elderly person's overall retirement income.

F

15. Defined contribution retirement plans insulate employees from investment risks, which are instead borne by the company.

F

16. Unlike a cash balance plan, with a 401(k), all the contributions come from the employer.

F

19. U.S. workers are significantly more likely to be covered by defined benefit plans than Japanese or German workers.

F

23. Research on the different types of wellness centers shows the cost of health education programs to be significantly more than those associated with fitness facility programs or follow-up models, but that follow-up models are the least effective of the three in reducing risk factors.

F

24. Part-time employees receive about the same benefits as full-time employees when adjusted for hours worked.

F

25. Research clearly shows that current employees, unlike job applicants, have a good idea of what benefits are in place and the cost or market value of these benefits.

F

27. The federal tax code requires flexible spending account funds to be earmarked in advance and spent during the plan year, with any remaining funds reverting to the employee.

F

3. Federal, state, and local government employees are covered by the Old Age, Survivors, Disability, and Health Insurance (OASDHI) program.

F

5. The unemployment insurance program is financed through federal and state taxes on both employees and employers.

F

6. Unemployment benefits are typically about 50 percent of an eligible individual's previous earnings and last for 52 weeks.

F

7. Workers' compensation laws operate under the principle of employee-fault liability, meaning that an employee must establish gross negligence by the employer.

F

9. Passage of the Americans with Disability Act, along with workplace redesign and training, has resulted in a dramatic lowering of workers' compensation costs to U.S. employers.

F

1. One of the reasons for giving more responsibility to employees for retirement planning and other benefit decisions is to increase their awareness and understanding of such benefits.

T

12. There is no legal obligation for employers to offer private retirement plans, but most do.

T

13. The two types of disability insurance are short-term disability plans and long-term disability plans.

T

14. In the event severe financial difficulties force a company to terminate or reduce employee pension and health-care benefits, the PBGC provides some protection, but not necessarily full replacement.

T

17. The vesting of employer-funded pension benefits must take place under one of two schedules: five-year, 100%, or three- to seven-year period, with at least 20% vesting in the third year and each year thereafter.

T

18. ERISA requires covered organizations to establish employee pension plans and to describe the plan's funding, eligibility requirements, and risks.

T

2. In 1929, benefits added up to an average of only three percent to every dollar of payroll.

T

20. Despite passage of the Family and Medical Leave Act, the United States still offers significantly less unpaid leave than most Western European countries.

T

21. In terms of cost control, the larger the cost of a benefit category, the greater the opportunity for savings.

T

22. To control health-care costs, employers have been increasingly shifting costs to employees through the use of deductibles, coinsurance, exclusions and limitations, and maximum benefits.

T

26. Flexible benefit plans (also known as cafeteria-style plans) permit employees to choose the types and amounts of benefits they want for themselves.

T

4. Social Security retirement benefits are no longer subject to an earnings test once retirement age is reached.

T

8. In contrast to unemployment insurance benefits, workers' compensation disability benefits are tax-free.

T


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