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115 Cards in this Set

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Paid time off (PTO)
Providing a certain number of days each year that employees can use for any purpose they deem necessary.
Paid time off (PTO)
A means of dealing with the problem of unscheduled absences by providing a certain number of days each year that employees can use for any purpose they deem necessary.
Any way they want
How do employees use PTOs?
Health maintenance organizations (HMOs)
Insurance programs provided by companies that cover all services for a fixed fee but control is exercised over which doctors and health facilities may be used.
Health Maintenance Organization
HMO
Preferred provider organizations (PPOs)
A flexible managed care system in which incentives are provided to members to use services within the system and out-of-network providers may be utilized at greater cost.
Preferred provider organizations
PPO
Point-of-service (POS)
A managed care option that permits a member to select a health care provider within the network, or, for a lower level of benefits, choose one outside the network.
Point-of-service
POS
Exclusive provider organization (EPOs)
A managed care option that offers a smaller preferred provider network and usually provides few, if any, benefits when an out-of-network provider is used.
Exclusive provider organization
EPO
Capitation
An approach to health care in which providers negotiate a rate for health care for a covered life over a period of time.
Defined contribution health care system
A system where companies give each employee a set amount of money annually with which to purchase health care coverage.
Medical savings accounts
A system that allows employees to set aside pretax money (taken out through payroll deductions throughout the year) to pay for medical bills in the coming year that aren’t covered by their regular health insurance, including costs like deductibles and co-payments.
Utilization review
A process that scrutinizes medical diagnoses, hospitalization, surgery, and other medical treatment and care prescribed by doctors.
Defined benefit plan
A retirement plan in which an employer agrees to provide a specific level of retirement income that is either a fixed dollar amount or a percentage of earnings.
Defined contribution plan
A retirement plan that requires specific contributions by an employer to a retirement or savings fund established for the employee.
Define contribution plan
A retirement plan where the amount put in is known but the amount ultimately received is unknown.
Defined benefit plan
A retirement plan where the amount ultimately received is known.
401(k) plan
A defined contribution plan in which employees may defer income up to a maximum amount allowed.
Cash balance plan
A plan with elements of both defined benefit plans and defined contribution plans.
Employee stock option plan (ESOP)
A defined contribution plan in which a firm contributes stock shares to a trust.
Relocation benefits
Company-paid shipment of household goods and temporary living expenses, covering all or a portion of the real estate costs associated with buying a new home and selling the previously occupied home.
Premium pay
Compensation paid to employees for working long periods of time or working under dangerous or undesirable conditions.
Hazard pay
Additional pay provided to employees who work under extremely dangerous conditions.
Shift differential
Additional money paid to reward employees for the inconvenience of working undesirable hours.
Job characteristics theory
Employees experience intrinsic compensation when their jobs rate high on five core job dimensions: skill variety, task identity, task significance, autonomy, and feedback.
Skill variety
The extent to which work requires a number of different activities for successful completion.
Task identity
The extent to which the job includes an identifiable unit of work that is carried out from start to finish.
Task significance
The impact that the job has on other people.
Autonomy
The extents of individual freedom and discretion employees have in performing their jobs.
Feedback
The amounts of information employees receive about how well they have performed the job.
Cyberwork
A possibility of a never-ending workday created through the use of technology.
Status symbols
Organizational rewards that take many forms such as office size and location, desk size and quality, private secretaries, floor covering, and title.
Flextime
The practice of permitting employees to choose, with certain limitations, their own working hours.
Compressed workweek
Any arrangement of work hours that permits employees to fulfill their work obligation in fewer days than the typical five-day workweek.
Job sharing
The filling of a job by two part-time people who split the duties of one full-time job in some agreed-on manner and are paid according to their contributions.
Flexible compensation plan
A method that permits employees to choose from among many alternatives in deciding how their financial compensation will be allocated.
Telecommuting
A procedure allowing workers to remain at home or otherwise away from the office and perform their work over data lines tied to a computer.
Modified retirement
An option that permits older employees to work fewer than their regular hours for a certain period of time proceeding retirement.
Social security, unemployment compensation, workers compensation, Family and Medical Leave Act leave
Name 4 mandated or legally required benefits?
Paid vacations
These provide workers with an opportunity to rest, become rejuvenated, and hopefully, become more productive without losing income
Sick pay
Pay allocated by firms to each employee allowing them to take a certain number of days off that they can use when ill
Sabbaticals
Time off from work to rejuvenate oneself.
EMPLOYEE STOCK OPTION PLANS
ESOPS
SUPPLEMENTAL UNEMPLOYMENT BENEFITS
SUB
CONSOLIDATED OMNIBUS BUDGET RECONCILIATION ACT OF 1985 (COBRA)
This act gives employees the opportunity to temporarily continue their health insurance coverage if they would otherwise lose it because of termination, layoff, or other change in employment status.
CONSOLIDATED OMNIBUS BUDGET RECONCILIATION ACT OF 1985
COBRA
1985
COBRA was passed in what year?
HEALTH INSURANCE PORTABILITY AND ACCOUNTABILITY ACT OF 1996
HIPAA
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974
ERISA
JOB CHARACTERISTICS THEORY
According to this theory, employees experience intrinsic compensation when their jobs rate high on five core job dimensions
Skill variety, task identity, task significance, autonomy, and feedback
What are all five job characteristics as found in the job characteristics theory?
Social security
This act created a system that provided retirement benefits only. Subsequent amendments to the act added other forms of protection such as disability insurance, survivors’ benefits, and, most recently, Medicare.
Social security
This 1935 act created a system that provided retirement benefits only. Subsequent amendments to the act added other forms of protection such as disability insurance, survivors’ benefits, and, most recently, Medicare.
1935
What year was the Social Security Act passed?
26 weeks
If an individual is laid off by an organization covered by the Social Security Act, he or she may receive unemployment compensation for up to how many weeks?
Workers’ compensation
These benefits provide a degree of financial protection for employees who incur expenses resulting from job-related accidents or illnesses.
1993
What year was the FMLA passed?
Family and Medical Leave Act of 1993 (FMLA)
This act applies to private employers with 50 or more employees and to all governmental employers regardless of number and provides employees up to 12 weeks a year of unpaid leave in specified situations.
50
The FMLA applies to private employers with a minimum of how many employees?
12 weeks
An employee is allowed up to how many weeks of unpaid leave according to the FMLA?
Beneficiary
The person(s) designated by the employee to receive survivor benefits under the term life insurance, accidental death & dismemberment insurance, and the retirement plans.
Consolidated Omnibus Budget Reconciliation Act of 1985
This federal law allows you and your eligible dependents to continue health care coverages under certain circumstances when coverage would otherwise end.
Generic Drugs
Medications that are not a brand name medication
65
Historically the “Normal Retirement Age” is what age?
Health Insurance Portability and Accountability Act (HIPAA)
A federal law that protects an employee’s ability to transfer between healthy insurance plans without a gap in coverage due to a preexisting condition.
Worker’s Compensation
A legally required benefit that provides medical care, income continuation, and rehabilitation expenses for people who sustain job-related injuries or sickness. Also, provides income to the survivor’s of an employee whose death is job related.
Unemployment Insurance
A program established by the Social Security Act of 1935 to provide temporary income for people during periods of involuntary unemployment.
FMLA or Family and Medical Leave Act of 1993
A federal law that requires employers to provide up to 12 weeks unpaid leave to eligible employees for the birth or adoption of a child
Medicare
A part of the Social Security program that provides health insurance coverage for people aged 65 and over
Health Maintenance Organization (HMO)
A health-care plan that provides comprehensive medical services for employees and their families at a flat annual fee.
Co-payment
A small payment made by the employee for each office visit to a physician under a health plan. The health plan pays for additional medical expenses that exceed this amount at no cost to the employee.
Vesting
A guarantee that accrued retirement benefits will be given to retirement plan participants when they retire or leave the employer.
Employee Retirement Income Security Act (ERISA)
A federal law established in 1974 to protect employees’ retirement benefits from mismanagement
Pension Benefit Guaranty Corporation (PBGC)
The government agency that provides plan termination insurance to employers with defined benefit retirement programs.
Cafeteria plan
A plan in which participants may choose among two or more benefits containing taxable or nontaxable compensation elements
COBRA - Consolidated Omnibus Budget Reconciliation Act
1985 law that requires employers to offer continued health insurance coverage to terminated employees and their beneficiaries, restricted the definition of insured termination for purposes of the Pension Benefit Guaranty Corp. and raised the employer’ s annual PBGC premium rate.
Co-payments
A fixed cost-sharing method of payment for charges from hospitals, physicians and pharmacy providers.
HMO-Health Maintenance Organization
A prepaid managed medical plan that arranges to provide specified services to enrolled members through designated hospitals and doctors for a fixed premium per person.
Deductible
Fixed amount for insured medical services that must be paid by the beneficiary prior to any claims reimbursement by the benefit plan.
Medicare
A part of the Social Security program that provides health insurance coverage for people aged 65 and over
Premium
The money paid to an insurance company for coverage
FMLA or Family and Medical Leave Act of 1993
A federal law that requires employers to provide up to 12 weeks unpaid leave to eligible employees for the birth or adoption of a child
Employee Retirement Income Security Act (ERISA)
A federal law established in 1974 to protect employees’ retirement benefits from mismanagement
Social Security
A government program that provides income for retirees, the disabled, and survivors of deceased workers, and health care for the aged through the Medicare Program.
Fast track program
A program that provides specific training opportunities, beyond those offered to most employees, to individuals who have been identified a shaving high potential for leadership.
Dependent care account
A flexible spending account authorized by section 129 of the Internal Revenue Code in which employees may set aside a maximum of $5000 to be used to care for dependent children or elders.
Phantom Stock
A stock-based program that pays executives a bonus proportionally to the change in prices of company stocks, rather than changes in profitability measures, and where the executive does not receive any stock per se
Employee Stock Ownership Plan (ESOP)
A corporate-wide pay for performance plan that rewards employees with company stocks, either as an outright grant or at a favorable price that may be below market value
Inducements
The tangible and intangible rewards provided by organizations to individuals
Securities and Exchanges Act
This act regulates "insider trading"
Employee Retirement Income Security Act (ERISA)
Established the basic uniform standards that must be met by employer sponsored pension, health and welfare benefit programs.
Revenue Act
This act added sections 125 and 401(k) to the Tax Code
Retirement Equity Act (REA)
This act provided certain legal protections for spousal beneficiaries of qualified retirement plans
Consolidated Omnibus Budget Reconciliation Act (COBRA)
Provides for continuation of group health-care benefits for former employees and their families
Tax Reform Act
This act added significant changes in employee benefit programs, especially retirement plans
Older worker's benefit protection act (OWBPA)
This act amended ADEA to include all employee benefits
Unemployment Compensation Amendments (UCA)
These imposed a mandatory 20% federal income tax withholding requirement on qualified retirement plan proceeds that a recipient does not roll over into another qualified retirement plan or individual retirement account.
Omnibus Budget Reconciliation Act (OBRA)
This act reduced the compensation limits in qualified retirement programs
Family and Medical Leave Act (FMLA)
This act provides employees with the opportunity to take up to 12 weeks of unpaid leave to care for family members or because of a serious health condition of the employees
Uniformed Services Employment and Reemployment Rights Act (USERRA)
This act requires benefit continuation and crediting of service while an employee is on military active duty
Uniformed Services Employment and Reemployment Rights Act
USERRA
Health Insurance Portability and Accountability Act (HIPAA)
This act made changes to improve health-care coverage portability and accessibility
Mental Health Parity Act (MHPA)
This act addressed parity between mental health benefits and medical benefits
Small Business Job Protection Act (SBJPA)
This act made changes to rules regarding the ability of tax-exempt organizations to institute retirement plans modeled after 401(k) and IRA accounts and to the definition of highly compensated employees.
Taxpayer Relief Act (TRA)
This act created tax-advantaged savings mechanisms, including Roth IRAs and Education IRAs, for individual taxpayers.
Taxpayer Relief Act (TRA)
This act created the Roth IRAs and Education IRAs
Economic Growth and Tax Relief Reconciliation Act (EGTRRA)
This act adjusts certain minimum vesting schedules, increases retirement plan compensation and contribution limits, permits catch-up compensation by participants over age 50 in certain retirement plans, and modifies distribution and rollover rules.
Economic Growth and Tax Relief Reconciliation Act
EGTRRA
Sarbanes-Oxley Act (SOX)
This act requires administrators of defined contribution plans to provide notice of covered blackout periods, provides whistle-blower protections for employees.
Financial Accounting Standards Board (FASB) 1973
This is a private body that decided how financial executives should report their firms' financial information to their shareholders, derives authority from Securities and Exchange Commission (SEC)
Internal Revenue Service (IRS)
Government entity that makes rulings interpreting tax legislation.
Benefits
All financial rewards that generally are not paid directly to an employee.
Unemployment compensation
If an individual is laid off by an organization covered by the Social Security Act, he or she may receive what for up to 26 weeks?