benefits exam notes from class

welfare practices

something that is for the less fortunate or the needy

workers comp

disabled on the job or in the scope of employment

disability

can typically be on and off the job

can employers reward you or have incentive pay even though you might have no achieved it

yes

are pay increases considered benefits

no

top down approach

proactive approach

bottom up approach

reactive approach

what discretionary benefits are popular after covid

wellness

flexible hours

mental health

external factors

industry prospects

economic conditions

employer cost for benefits

government regulation of benefits

covid

internal factors

collective bargaining

within the company

how many people were employed by private sector companies

122 million

accomodation and ehancement programs

childcare

transportation systems

wellness

tuition

internal factors used for strategic benefit planning

workforce demographics

eligibility provisions

companies cannot discriminate on benefits, but they can on discretionary and eligibility

can eligibility provisions be different based on tenure

yes

protection programs, paid time off, accomodation and enhancement programs are all part of what type of program

discretionary benefits

fee for service plans, alternative managed care plans, point of service plans, consumer drive plans are all what type of plans

health plans

the social security act of 1935 set up

retirement benefits and unemployment insurance

social exchange between employer and employee - can it change

yes

can employee benefits act as a tool for recruiting and retaining desired employees

yes

why does health insurance become less expensive when the size of the insurance group increases

economies of scale

What does it mean for employee benefits to be both implicit and explicit

employee attitudes towards the benefits and organizational behavior

which benefit might fulfill both transactional and relational expectations of employees

retirement

incentive based pay

paid vacation

can employers cut wages when a new benefit is introduced or the cost of providing an existing benefit increases

yes

information justice

giving the information to the employee on what is going on

four types of justice perceptions

distributive

procedural

interpersonal

information

perceived organizational support team

how you communicate benefits to people

support team to help people

stress management example

adverse selection

attract bad risks

underwriting someone who wants a lower rate than what they deserve

experience rating and adverse selection are similar why

properly rate them for what they have done

economies of scale

spreading out admin costs over everybd

Can a employer change health benefit costs  for a single employer in a market, employer will likely be able to pass along the benefit costs to workers

you cant individually change a health rate

can the IRS offer tax benefits to companies that offer retirement plans

yes

can employers deduct the cost of the benefits they offer employees from their annual income if the cost is considered an ordinary and necessary expense

yes they get tax incentives

fairpay rules

whether you have to pay overtime or not

fiduciary

individuals who manage employee benefit plans

unfunded deferred compensation plan for a select group of highly compensated employees

top hat rule

federal insurance contributions act - what is this tax used for

when you pay in ss, medicare, and disabitli

does the pension protection act of 2006 permit an employer to auto enroll employees in its defined contirbution retirement plan

yes

financing discretionary benefits, who pay the total cost incurred

both employer and employee

three fundamental roles that characterize discretionary benefits

protection programs

PTO

accomodation

four programs for financing their discretionary plans

non - contributory

contributory

employee financed

hybrid

three main types of retirement programs

defined contribution

defined benefit plan

hybrid

a process where employees provide their past medical history to insurers is called what

medical underwriting

organizational citizenship behavior

work culture

production goes up with good organizational citizenship behavior

does health insurance premium increases of advances in medical care technology impact employees to perceive that the increase added value to their insurance

yes they think it is better when they pay more for their insurance