Exam 11: Employee Benefits

TynsCorp has a defined-contribution pension plan. The company feels this type of plan is most beneficial to the employees because the amount an employee is to receive upon retirement is specifically set forth.

Under the Family and Medical Leave Act (FMLA), employees are eligible to take leave if they have worked for their employers for at least twelve months, have at least __________ hours of service, and work in organizations that have 50 or more employees within a 75-mile radius.

Compare and contrast the risks to the employee in regard to defined contribution and defined benefit pension plans.

To qualify for retirement benefits, a person must reach retirement age and have earned

Describe employer costs by explaining where each dollar of employee compensation is spent.

Almost all workers with health coverage receive mental health benefits as part of their plans.

A common childcare benefit offered by employers is the dependent care spending account.

Private pensions are subject to federal legislation under

The Social Security program is funded by a tax paid by an employer, based on an employee's earnings.

A typical unemployment insurance program does NOT require that

Beginning in 2014, firms with __________ full-time employees will be required to automatically enroll new full-time employees in their health care plans.

The Family and Medical Leave Act permits substitution of paid leave and vacation during leave.

Millennial employees are less likely to be concerned with having pensions than Baby Boomers.

An advantage of flexible benefit plans is that if employees make poor selections and do not use their benefits, it saves the employer money.

Severance pay is considered a supplemental unemployment benefit.

Most companies require their employees to either take their vacation days by the end of the year or forfeit them.

Mac recently left his job at TynsCorp. Under the __________ TynsCorp must make health care coverage available to Mac at the same rate the TynsCorp would pay.

Beginning in 2014, firms that employ __________ or more people who work 30 or more hours per week but do not offer them health insurance will have to pay a penalty to the government.

TynsCorp is reviewing its benefits package. Which of the following benefits would TynsCorp be able to discontinue since it is NOT a legally required employee benefit?

A preferred provider organization (PPO) is a group of physicians who establish an organization that guarantees the quality of health care provided by a health maintenance organization (HMO).