Exam 11: Employee Benefits

TynsCorp misled its employees about certain health benefits that were available in their plan. TynsCorp included the benefits as a way to attract new recruits in key positions while limiting the total number of employees who actually tried to use the benefit as a way to keep costs lower. The employees can sue TynsCorp under ERISA.

TynsCorp gave its employees misleading information about the welfare benefits to which they may be entitled. Those employees can sue TynsCorp under provisions of the

TynsCorp wants to get input from its employees regarding its benefits package. The most common way to do this would be to use

TynsCorp is pursuing a comprehensive plan that hopes to cut costs, but focuses more on the medical care that employees really need. Benefits and health programs will be targeted towards those needs, which should, ultimately, lead to cost savings. TynsCorp is turning to

The Social Security Administration administers the __________ program.

As the workforce has become more diverse, more employers are now willing to provide benefits to employees who establish a

TynsCorp subsidizes temporary care for an employee's elders or children when the regular caregiver cancels at the last minute. This benefit, which allows employees to still come to work, is called a backup care program.

Workers' compensation insurance covers certain work-related

After an employee works for an employer for a certain period of time, the employee is entitled to the money in his or her pension plan. This employee is now

One estimate is that the "payment for time not worked" category of benefits comprises a large expenditure, which is over 25 percent of the employer's total payroll costs.

__________ enable individual employees to choose the benefits that are best suited to their particular needs.

The decision whether a pension plan should be offered is the responsibility of the

Companies may match employee contributions to a 401(k) with cash or company stock.

TynsCorp offers domestic companion benefits, but, as is common, in order to receive these benefits, the employees must sign

Employee assistance programs (EAPs) help employees mainly with relocation costs.

TynsCorp needs to downsize to meet changing demands in the market. Employees who are let go during this downsizing qualify for severance pay. As a result, in addition to state unemployment compensation, they will also receive weekly severance pay from TynsCorp.

One advantage to health reimbursement accounts is that employees do not have to pay taxes on the amounts they are reimbursed under an HRA.

Typically, in a 401(k) savings plan, an employer matches an employee contribution at the rate of 25 to 50 cents for every worker dollar contributed.

TynsCorp offers a defined benefit pension plan. But since it has no guarantees of payments, TynsCorp also strongly encourages its employees to participate in a 401(k) plan, which guarantees payments based on years of service.

A basic benefits package that is typically offered to employees usually includes life and health insurance, sick leave, and vacation.