Exam 12: Managing Employee Benefits

Employers rarely use benefits as tools for attracting and retaining employees because employees generally lack a complete understanding of the benefits provided by their employers.

What are the advantages of using paid-time-off (PTO) plans?

What is the normal retirement age for employees in the United States to receive maximum Social Security benefits?

In defined contribution plans, _____.

Arexa, a toy manufacturing company, allows its employees to select the benefits that they would like to receive from a list of options established by the company. What are such benefit plans called? What are the advantages and disadvantages of using such benefit plans?

Which of the following is a typical abuse-control measure used by employers to keep employees from taking excessive time off around holidays?

Explain three laws that affect the retirement plans of employees.

In the United States, part-time employees are most likely to receive health and life insurance benefits and paid time off and least likely to receive retirement benefits.

Jim, a 23-year-old factory worker, was seriously injured when a hammer fell on his head while he was at his workstation. Jim did not have his safety helmet on at the time of the accident even though the factory's safety rules mandate the use of safety helmets at all times. In this scenario, which of the following is most likely to be true of Jim?

Employers are mandated to pay time-and-a-half to hourly employees who must work on holidays.

Public-sector workers (police, firefighters, teachers, and other government workers) belong to labor unions at a much higher rate than do nongovernment workers.

A flexible benefits plan typically _____.

The Patient Protection and Affordable Care Act requires companies with 50 or more employees (who work 30 hours a week or more) to provide health care coverage or pay a penalty.

The Health Insurance Portability and Accountability Act (HIPAA) _____.

Why do companies outsource benefits administration?

A program that combines sick leave, vacations, and holidays into a total number of hours or days that employees can take off with pay is called a(n) _____ plan.

Union contracts have an impact on the number of paid holidays offered by organizations.

_____ typically consists of approaches that monitor and reduce medical costs through restrictions and market system alternatives.

Individuals who rely solely on Social Security retirement benefits may have difficulty living at the level of comfort they envision as those benefits typically are not adequate.

Describe paid vacations.