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19 Cards in this Set
- Front
- Back
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Employee Benefits
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Part of the total compensation package; Costly to ER
(Life insurance, pension, vacation, etc) |
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Benefits Administration Issues...
Who Could be Covered? |
-Employees
-Dependants -Retirees -Survivors of deceased EEs |
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Benefits Administration Issues...
How Should Benefits be financed? -Non Contributory |
Employer pays
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Benefits Administration Issues...
How Should Benefits be financed? -Contributory |
ER and EE pay
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Benefits Administration Issues...
How Should Benefits be financed? -Employee Financed |
Employee pays
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Flexible Benefit Plans
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EE is provided with specific amount of money to spend on benefits that are attractive to them
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Advantages of Flexible Benefit Plans
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-EEs are happy
-Newly introduced benefits will be less costly for ERs |
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Disadvantages of Flexible Benefit Plans
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-EEs can make poor decisions resulting in no coverage for emergencies
-Administration expenses |
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Administering the Benefits Program...
1) Communicating with an Employee Benefits Handbook... |
Discusses level of coverage and requirements
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Administering the Benefits Program...
2) Claims Processing... |
Employee alerts employer when a certain event has occurred requiring to fulfil pmts
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Administering the Benefits Program...
3) Cost Containment... Probationary Periods |
Excluding new employees from benefits until they have completed their term
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Administering the Benefits Program...
3) Cost Containment... Benefit Maximums |
Limitations on pmts to a % of income or a fixed amount
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Administering the Benefits Program...
3) Cost Containment... Coinsurance |
ER pays a % of premiums, EE pays remainder
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Administering the Benefits Program...
3) Cost Containment... Deductibles |
Dollar amount to be paid each year by EE before plan can begin
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Administering the Benefits Program...
3) Cost Containment... Benefit Coordination |
If two spouses have benefit plans, benefits are reduced
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Legally Required Benefits
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-Workers Compensation
-C/QPP -Employment Insurance -Retirement Plans |
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Retirement Plans...
Defined Benefit Plans |
ER provides a specific level of pension however final cost is unknown
(ER risk) |
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Retirement Plans...
Defined Contribution Plans |
ERs provide specific contribution but final benefit is unknown
(EE risk) |
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Employee Assistance Plans (EAPS)
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ER sponsored programs providing EEs with confidential counselling/treatment for personal problems
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