Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
28 Cards in this Set
- Front
- Back
|
An indirect reward given to an employee or group of employees for organizational membership.
|
Benefit
|
|
|
To increase the net amount of what the employee receives to include the taxes owed on the amount.
|
Gross-up
|
|
|
Program that allows employees to select the benefits they prefer from groups of benefits established by the employer.
|
Flexible benefits plan
|
|
|
Situation in which only higher-risk employees select and use certain benefits.
|
Adverse selection
|
|
|
A time when employees can change their participation level in various benefit plans and switch between benefit options.
|
Open enrollment
|
|
|
A vendor that provides administrative services to an organization.
|
Third-party administrator (TPA)
|
|
|
Technology that allows employees to change their benefits choices, track their benefits balances, and submit questions to HR staff members and external benefits providers.
|
Self-service
|
|
|
Employees are given a budget and can purchase the bundle of benefits most important to them from the "menu" of options offered by the employer.
|
Cafeteria benefit plan
|
|
|
Security benefits provided to workers who are injured on the job.
|
Workers' compensation
|
|
|
Injured workers receive benefits even if the accident was their fault.
|
No-fault insurance
|
|
|
Workers' compensation benefits are the only benefits injured workers may receive to compensate for a work-related injury.
|
Exclusive remedy
|
|
|
A model showing the three sources of income to fund an employee's retirement.
|
Three-legged stool
|
|
|
Right of employees to receive certain benefits from their pension plans.
|
Vesting
|
|
|
A pension plan feature that allows employees to move their pension benefits from one employer to another.
|
Portability
|
|
|
Retirement program established and funded by the employer and employees.
|
Retirement plan
|
|
|
Retirement program in which employees are promised a pension amount based on age and service.
|
Defined benefit (DB) plan
|
|
|
Retirement program in which the employer makes an annual payment to an employee's pension account.
|
Defined contribution (DC) plan
|
|
|
Agreement in which a percentage of an employee's pay is withheld and invested in a tax-deferred account.
|
401(k) plan
|
|
|
Employee contributions to a 401(k) plan are started automatically when an employee is eligible to join the plan.
|
Auto-enrollment
|
|
|
Retirement program in which benefits are determined on the basis of accumulation of annual company contributions plus interest credited each year.
|
Cash balance plan
|
|
|
Money paid by an insured individual before a health plan pays for any medical expenses.
|
Deductible
|
|
|
The portion of medical expenses paid by the insured individual.
|
Copayment
|
|
|
Approaches that monitor and reduce medical costs through restrictions and market system alternatives.
|
Managed care
|
|
|
Health plan that provides employer financial contributions to employees to help cover their health-related expenses.
|
Consumer-driven health (CDH) plan
|
|
|
An event that causes a plan participant to lose group health benefits.
|
Qualifying event
|
|
|
Health condition requiring in-patient, hospital, hospice, or residential medical care or continuing physician care.
|
Serious health condition
|
|
|
Allows employees to switch their health insurance plans when they change employers and to enroll in health coverage with the new company regardless of preexisting conditions.
|
The Health Insurance Portability and Accountability Act (HIPPA) of 1996
|
|
|
Requires that most employers with 20 or more employees offer extended health care coverage to certain groups of plan participants.
|
The Consolidated Omnibus Budget Reconciliation Act (COBRA)
|
