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25 Cards in this Set
- Front
- Back
- 3rd side (hint)
401(k) plan
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Agreement in which a percentage of an employee’s pay is withheld and invested in a tax-deferred account.
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Chap 14
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Adverse selection
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Situation in which only higher-risk employees select and use certain benefits.
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Chap 14
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Benefit
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Indirect reward given to an employee or a group of employees for organizational membership.
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Chap 14
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Cash balance plan
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Retirement program in which benefits are based on an accumulation of annual company contributions, expressed as a percentage of pay, plus interest credited each year.
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Chap 14
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Co-payment
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Strategy requiring employees to pay a portion of the cost of insurance premiums, medical care, and prescription drugs.
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Chap 14
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Consumer-driven health (CDH) plan
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One that provides employer financial contributions to employees to cover their own health-related expenses.
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Chap 14
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Contributory plan
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Pension plan in which the money for pension benefits is paid in by both employees and employers.
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Chap 14
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Defined-benefit plan
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Retirement program in which an employee is promised a pension amount based on age and service.
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Chap 14
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Defined-contribution plan
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Retirement program in which the employer makes an annual payment to an employee’s pension account.
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Chap 14
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Flexible benefits plan
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Program that allows employees to select the benefits they prefer from groups of benefits established by the employer.
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Chap 14
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Flexible spending accounts
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Benefits plans that allow employees to contribute pre-tax dollars to buy certain additional benefits.
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Chap 14
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Health maintenance organization (HMO)
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Plan that provides services for a fixed period on a pre-paid basis.
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Chap 14
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Managed care
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Approaches that monitor and reduce medical costs through restrictions and market system alternatives.
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Chap 14
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Non-contributory plan
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Pension plan in which all the funds for pension benefits are provided by the employer.
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Chap 14
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Paid-time-off (PTO) plans
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Plans that combine all sick leave, vacation time, and holidays into a total number of hours or days that employees can take off with pay.
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Chap 14
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Pension plan
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Retirement program established and funded by the employer and employees.
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Chap 14
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Portability
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A pension plan feature that allows employees to move their pension benefits from one employer to another.
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Chap 14
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Preferred provider organization (PPO)
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A health-care provider that contracts with an employer group to supply health-care services to employees at a competitive rate.
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Chap 14
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Serious health condition
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One requiring in-patient, hospital, hospice, or residential medical care or continuing physician care.
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Chap 14
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Severance pay
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Security benefit voluntarily offered by employers to employees who lose their jobs.
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Chap 14
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Stock purchase plan
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Plan in which the corporation provides matching funds equal to the amount invested by the employee for the purchase of stock in the company.
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Chap 14
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Utilization review
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Audit of the services and costs billed by health-care providers.
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Chap 14
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Vesting
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Right of employees to receive certain benefits from their pension plans.
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Chap 14
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Well-pay
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Extra pay for not taking sick leave.
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Chap 14
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Workers’ compensation
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Security benefits provided to persons injured on the job.
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Chap 14
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