Mgt 4610 Chapter 10

Front 1

Paid time off (PTO)

Back 1

Providing a certain number of days each year that employees can use for any purpose they deem necessary.

Front 2

Paid time off (PTO)

Back 2

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.

Front 3

Any way they want

Back 3

How do employees use PTOs?

Front 4

Health maintenance organizations (HMOs)

Back 4

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.

Front 5

Health Maintenance Organization

Back 5

HMO

Front 6

Preferred provider organizations (PPOs)

Back 6

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.

Front 7

Preferred provider organizations

Back 7

PPO

Front 8

Point-of-service (POS)

Back 8

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.

Front 9

Point-of-service

Back 9

POS

Front 10

Exclusive provider organization (EPOs)

Back 10

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.

Front 11

Exclusive provider organization

Back 11

EPO

Front 12

Capitation

Back 12

An approach to health care in which providers negotiate a rate for health care for a covered life over a period of time.

Front 13

Defined contribution health care system

Back 13

A system where companies give each employee a set amount of money annually with which to purchase health care coverage.

Front 14

Medical savings accounts

Back 14

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.

Front 15

Utilization review

Back 15

A process that scrutinizes medical diagnoses, hospitalization, surgery, and other medical treatment and care prescribed by doctors.

Front 16

Defined benefit plan

Back 16

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.

Front 17

Defined contribution plan

Back 17

A retirement plan that requires specific contributions by an employer to a retirement or savings fund established for the employee.

Front 18

Define contribution plan

Back 18

A retirement plan where the amount put in is known but the amount ultimately received is unknown.

Front 19

Defined benefit plan

Back 19

A retirement plan where the amount ultimately received is known.

Front 20

401(k) plan

Back 20

A defined contribution plan in which employees may defer income up to a maximum amount allowed.

Front 21

Cash balance plan

Back 21

A plan with elements of both defined benefit plans and defined contribution plans.

Front 22

Employee stock option plan (ESOP)

Back 22

A defined contribution plan in which a firm contributes stock shares to a trust.

Front 23

Relocation benefits

Back 23

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.

Front 24

Premium pay

Back 24

Compensation paid to employees for working long periods of time or working under dangerous or undesirable conditions.

Front 25

Hazard pay

Back 25

Additional pay provided to employees who work under extremely dangerous conditions.

Front 26

Shift differential

Back 26

Additional money paid to reward employees for the inconvenience of working undesirable hours.

Front 27

Job characteristics theory

Back 27

Employees experience intrinsic compensation when their jobs rate high on five core job dimensions: skill variety, task identity, task significance, autonomy, and feedback.

Front 28

Skill variety

Back 28

The extent to which work requires a number of different activities for successful completion.

Front 29

Task identity

Back 29

The extent to which the job includes an identifiable unit of work that is carried out from start to finish.

Front 30

Task significance

Back 30

The impact that the job has on other people.

Front 31

Autonomy

Back 31

The extents of individual freedom and discretion employees have in performing their jobs.

Front 32

Feedback

Back 32

The amounts of information employees receive about how well they have performed the job.

Front 33

Cyberwork

Back 33

A possibility of a never-ending workday created through the use of technology.

Front 34

Status symbols

Back 34

Organizational rewards that take many forms such as office size and location, desk size and quality, private secretaries, floor covering, and title.

Front 35

Flextime

Back 35

The practice of permitting employees to choose, with certain limitations, their own working hours.

Front 36

Compressed workweek

Back 36

Any arrangement of work hours that permits employees to fulfill their work obligation in fewer days than the typical five-day workweek.

Front 37

Job sharing

Back 37

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.

Front 38

Flexible compensation plan

Back 38

A method that permits employees to choose from among many alternatives in deciding how their financial compensation will be allocated.

Front 39

Telecommuting

Back 39

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.

Front 40

Modified retirement

Back 40

An option that permits older employees to work fewer than their regular hours for a certain period of time proceeding retirement.

Front 41

Social security, unemployment compensation, workers compensation, Family and Medical Leave Act leave

Back 41

Name 4 mandated or legally required benefits?

Front 42

Paid vacations

Back 42

These provide workers with an opportunity to rest, become rejuvenated, and hopefully, become more productive without losing income

Front 43

Sick pay

Back 43

Pay allocated by firms to each employee allowing them to take a certain number of days off that they can use when ill

Front 44

Sabbaticals

Back 44

Time off from work to rejuvenate oneself.

Front 45

EMPLOYEE STOCK OPTION PLANS

Back 45

ESOPS

Front 46

SUPPLEMENTAL UNEMPLOYMENT BENEFITS

Back 46

SUB

Front 47

CONSOLIDATED OMNIBUS BUDGET RECONCILIATION ACT OF 1985 (COBRA)

Back 47

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.

Front 48

CONSOLIDATED OMNIBUS BUDGET RECONCILIATION ACT OF 1985

Back 48

COBRA

Front 49

1985

Back 49

COBRA was passed in what year?

Front 50

HEALTH INSURANCE PORTABILITY AND ACCOUNTABILITY ACT OF 1996

Back 50

HIPAA

Front 51

EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974

Back 51

ERISA

Front 52

JOB CHARACTERISTICS THEORY

Back 52

According to this theory, employees experience intrinsic compensation when their jobs rate high on five core job dimensions

Front 53

Skill variety, task identity, task significance, autonomy, and feedback

Back 53

What are all five job characteristics as found in the job characteristics theory?

Front 54

Social security

Back 54

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.

Front 55

Social security

Back 55

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.

Front 56

1935

Back 56

What year was the Social Security Act passed?

Front 57

26 weeks

Back 57

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?

Front 58

Workers’ compensation

Back 58

These benefits provide a degree of financial protection for employees who incur expenses resulting from job-related accidents or illnesses.

Front 59

1993

Back 59

What year was the FMLA passed?

Front 60

Family and Medical Leave Act of 1993 (FMLA)

Back 60

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.

Front 61

50

Back 61

The FMLA applies to private employers with a minimum of how many employees?

Front 62

12 weeks

Back 62

An employee is allowed up to how many weeks of unpaid leave according to the FMLA?

Front 63

Beneficiary

Back 63

The person(s) designated by the employee to receive survivor benefits under the term life insurance, accidental death & dismemberment insurance, and the retirement plans.

Front 64

Consolidated Omnibus Budget Reconciliation Act of 1985

Back 64

This federal law allows you and your eligible dependents to continue health care coverages under certain circumstances when coverage would otherwise end.

Front 65

Generic Drugs

Back 65

Medications that are not a brand name medication

Front 66

65

Back 66

Historically the “Normal Retirement Age” is what age?

Front 67

Health Insurance Portability and Accountability Act (HIPAA)

Back 67

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.

Front 68

Worker’s Compensation

Back 68

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.

Front 69

Unemployment Insurance

Back 69

A program established by the Social Security Act of 1935 to provide temporary income for people during periods of involuntary unemployment.

Front 70

FMLA or Family and Medical Leave Act of 1993

Back 70

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

Front 71

Medicare

Back 71

A part of the Social Security program that provides health insurance coverage for people aged 65 and over

Front 72

Health Maintenance Organization (HMO)

Back 72

A health-care plan that provides comprehensive medical services for employees and their families at a flat annual fee.

Front 73

Co-payment

Back 73

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.

Front 74

Vesting

Back 74

A guarantee that accrued retirement benefits will be given to retirement plan participants when they retire or leave the employer.

Front 75

Employee Retirement Income Security Act (ERISA)

Back 75

A federal law established in 1974 to protect employees’ retirement benefits from mismanagement

Front 76

Pension Benefit Guaranty Corporation (PBGC)

Back 76

The government agency that provides plan termination insurance to employers with defined benefit retirement programs.

Front 77

Cafeteria plan

Back 77

A plan in which participants may choose among two or more benefits containing taxable or nontaxable compensation elements

Front 78

COBRA - Consolidated Omnibus Budget Reconciliation Act

Back 78

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.

Front 79

Co-payments

Back 79

A fixed cost-sharing method of payment for charges from hospitals, physicians and pharmacy providers.

Front 80

HMO-Health Maintenance Organization

Back 80

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.

Front 81

Deductible

Back 81

Fixed amount for insured medical services that must be paid by the beneficiary prior to any claims reimbursement by the benefit plan.

Front 82

Medicare

Back 82

A part of the Social Security program that provides health insurance coverage for people aged 65 and over

Front 83

Premium

Back 83

The money paid to an insurance company for coverage

Front 84

FMLA or Family and Medical Leave Act of 1993

Back 84

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

Front 85

Employee Retirement Income Security Act (ERISA)

Back 85

A federal law established in 1974 to protect employees’ retirement benefits from mismanagement

Front 86

Social Security

Back 86

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.

Front 87

Fast track program

Back 87

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.

Front 88

Dependent care account

Back 88

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.

Front 89

Phantom Stock

Back 89

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

Front 90

Employee Stock Ownership Plan (ESOP)

Back 90

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

Front 91

Inducements

Back 91

The tangible and intangible rewards provided by organizations to individuals

Front 92

Securities and Exchanges Act

Back 92

This act regulates "insider trading"

Front 93

Employee Retirement Income Security Act (ERISA)

Back 93

Established the basic uniform standards that must be met by employer sponsored pension, health and welfare benefit programs.

Front 94

Revenue Act

Back 94

This act added sections 125 and 401(k) to the Tax Code

Front 95

Retirement Equity Act (REA)

Back 95

This act provided certain legal protections for spousal beneficiaries of qualified retirement plans

Front 96

Consolidated Omnibus Budget Reconciliation Act (COBRA)

Back 96

Provides for continuation of group health-care benefits for former employees and their families

Front 97

Tax Reform Act

Back 97

This act added significant changes in employee benefit programs, especially retirement plans

Front 98

Older worker's benefit protection act (OWBPA)

Back 98

This act amended ADEA to include all employee benefits

Front 99

Unemployment Compensation Amendments (UCA)

Back 99

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.

Front 100

Omnibus Budget Reconciliation Act (OBRA)

Back 100

This act reduced the compensation limits in qualified retirement programs

Front 101

Family and Medical Leave Act (FMLA)

Back 101

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

Front 102

Uniformed Services Employment and Reemployment Rights Act (USERRA)

Back 102

This act requires benefit continuation and crediting of service while an employee is on military active duty

Front 103

Uniformed Services Employment and Reemployment Rights Act

Back 103

USERRA

Front 104

Health Insurance Portability and Accountability Act (HIPAA)

Back 104

This act made changes to improve health-care coverage portability and accessibility

Front 105

Mental Health Parity Act (MHPA)

Back 105

This act addressed parity between mental health benefits and medical benefits

Front 106

Small Business Job Protection Act (SBJPA)

Back 106

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.

Front 107

Taxpayer Relief Act (TRA)

Back 107

This act created tax-advantaged savings mechanisms, including Roth IRAs and Education IRAs, for individual taxpayers.

Front 108

Taxpayer Relief Act (TRA)

Back 108

This act created the Roth IRAs and Education IRAs

Front 109

Economic Growth and Tax Relief Reconciliation Act (EGTRRA)

Back 109

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.

Front 110

Economic Growth and Tax Relief Reconciliation Act

Back 110

EGTRRA

Front 111

Sarbanes-Oxley Act (SOX)

Back 111

This act requires administrators of defined contribution plans to provide notice of covered blackout periods, provides whistle-blower protections for employees.

Front 112

Financial Accounting Standards Board (FASB) 1973

Back 112

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)

Front 113

Internal Revenue Service (IRS)

Back 113

Government entity that makes rulings interpreting tax legislation.

Front 114

Benefits

Back 114

All financial rewards that generally are not paid directly to an employee.

Front 115

Unemployment compensation

Back 115

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?