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25 Cards in this Set

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