Chapter 12 - Employee Benefits And Safety Programs

Front 1

Unemployed workers are required to demonstrate that they are actively seeking reemployment

Back 1

yes

Front 2

First social insurance program implemented in

Back 2

1937

Front 3

how is social security funded?

Back 3

by payroll taxes shared by employers and employee

Front 4

Unemployment Insurance ---
how long do they pay you out for?

Back 4

26 weeks

Front 5

who is Unemployment Insurance provided to?

Back 5

Provides temporary financial assistance to eligible workers who lose jobs through no fault of their own

Front 6

what are the 4 steps to collecting unemployment insurance?

Back 6

-- meet state eligibility requirements
-- file a claim at the approiate state unemployment insurance agency
-- follow the guidelines for continued eligibility for benefits including reporting income and job offers
-- register with your states employment service for reemployment assistance and/or training program information

Front 7

what is workers compensation insurance

Back 7

-this insurance provides cash benefits and medical care to workers when they suffer injuries or illnesses related to employment
- provides survior benefits to dependents of workers who died at work
- covers medical care, permanent partial or permanent total disability, rehab, and training for new job

Front 8

what are 3 voluntary benefits..

Back 8

health and wellness
life management
retirement

Front 9

what are self-funded plans?

Back 9

self funded plans are plans where employers avoid having to pay premium, taxes on premiums and some of the state requirements for benefits
- employers use services of the 3rd party administrator to oversee plans
- these plans also offer employers more flexiabliity

Front 10

prescription drug benefits

Back 10

for prescription drug benefits, companies usually offer a three-tire system:
-brand name drugs
- generic drugs
- and drugs on a formulary list ( these are drugs that the insurance company decided that are most cost effective)

Front 11

what is another way to cut costs?

Back 11

Another way to cut costs is through a mail-order service

Front 12

what does dental insurance provide?

Back 12

dental coverage usually includes basic and major restorative care and orthodontia

Front 13

what does vision insurance provide?

Back 13

vision insurance provides network of optometrists, and ophthalmologist usually for eye exams, glasses, or contact lens

Front 14

what are some keys to a successful wellness programs?

Back 14

- support of firms upper management
-a team or commitee to promote the program
- a clean plan for implementation
- having incentives in this program encourages employees to use the program

Front 15

what are the 3 types of disability programs?

Back 15

- shorttermed disability
- longtermed disability
-return-to-work program

Front 16

what is short-termed disability

Back 16

Short-term disability plans will pay half to two-thirds of employee’s salary for 13-26 weeks

Front 17

what is long-termed disability

Back 17

Long-term disability begins after specified number of days (30-90) from time of a disability and pays a portion of employee’s salary until retirement age

Front 18

what is return-to-work programs?

Back 18

Return-to-work programs get employees back on the job as soon as possible

Front 19

what is Accidental death and dismemberment insurance (AD&D)?

Back 19

Accidental death and dismemberment insurance (AD&D)—compensates employees or their families for loss of a body part or death

Front 20

what are life management benefits?

Back 20

Life Management Benefits—helps employees achieve balance between home and work responsibilities (child-care, financial planning, paid time off, etc.)

Front 21

what is paid time off (PTO)?

Back 21

Paid Time Off (PTO)—all paid time (vacation, sick days, personal leave, holidays) are grouped as one category—PTO

Front 22

what is educational assistance?

Back 22

Educational Assistance—reimburses employees for tuition if they achieve certain grades (up to a maximum amount)

Front 23

what is long-termed care benefits?

Back 23

Long-Term Care Benefits—provide assistance to aging, disabled, or ill persons for extended period of time

Front 24

what is life insurance?

Back 24

Life Insurance—provides financial protection for employee’s family upon their death

Front 25

what is financial planning?

Back 25

Financial Planning—educates employees on how to manage finances, save for retirement, etc.

Front 26

what are legal services?

Back 26

Legal Services—provide employees with access to attorneys for assistance with estate planning or adoption

Front 27

what does Employee Retirement Income and Security Act of 1974 (ERISA) require?

Back 27

requires private employers to have written plans documenting benefits they provide, who is eligible, and how plans can be terminated

Front 28

what is vesting?

Back 28

Vesting—time required before you own part or all of your retirement funds

Front 29

what is contributory plan?

Back 29

Contributory plan—employer and employee both put money into retirement account

Front 30

what is noncontributory plan?

Back 30

Noncontributory plan—employer puts funds into employee’s account

Front 31

what is a defined benefit pension plan?

Back 31

Defined benefit pension plan—provides annuity to eligible employees upon retirement

Front 32

what is pension benefit guaranty corporation?

Back 32

Pension Benefit Guaranty Corporation—not-for-profit organization created by federal government that insures defined benefit plans

Front 33

what are Defined contribution plans?

Back 33

Defined contribution plans—amount of retirement income is based on how well money was invested

Front 34

what are 401(k) plans?

Back 34

401(k) plans—employees contribute to plan in pretax dollars and funds accumulate tax free until person retires

Front 35

what are Cash balance plans?

Back 35

Cash balance plans—define the benefit a person receives upon retirement in terms of cash payout. “Credits” are based on a percentage of employee’s compensation

Front 36

what is the pension protection act of 2006?

Back 36

Pension Protection Act of 2006—tightened rules on funding, administering, and terminating pension funds

Front 37

what does OSHA stand for?

Back 37

occupational safety and health act

Front 38

what does OSHA cover?

Back 38

OSHA covers private-sector employers with its mission to “send every worker home whole and healthy every day”

Front 39

does osha have the right to inspect businesses, issue citations and fines?

Back 39

yes

Front 40

what is Older Workers Retirement Protection Act ?

Back 40

Older Workers Retirement Protection Act prohibits discrimination against older workers in benefits (except when age-based reductions are justified)

Front 41

what types of benefits will younger workers be offered?

Back 41

education and child-care

Front 42

what type of benefit will older workers be offered?

Back 42

long-term care insurance and retirement

Front 43

what is Consolidated Omnibus Budget Reconciliation Act (COBRA)—

Back 43

Consolidated Omnibus Budget Reconciliation Act (COBRA)—gives employees the option to continue their group health insurance coverage for up to 18 months if he/she pays premium

Front 44

what is Health Insurance Portability and Accountability Act (HIPAA)—

Back 44

Health Insurance Portability and Accountability Act (HIPAA)—makes it easier to maintain health coverage and protects individual’s right to privacy of medical information