Exam 12: Designing and Administering Benefits

Additional Case 12.2 Tri-State Shipping employs 45 workers. They ship commodities across the country. Until recently, they had only legally required benefits, but business has become very profitable and they can now offer their employees more benefits. The average age of their employees is 50. Most employees have been there for more than 20 years, and the company prides itself on keeping workers. The majority of the jobs require heavy lifting or the operation of heavy equipment for loading and unloading trucks, trains, etc. Their workers' compensation tax has been running about 5% per year. They are in one of the lowest workers' compensation tax rate states, but TSS has had a lot of injuries. The lifting required and type of equipment used tends to result in a lot of sprained backs, mashed fingers, or bruised muscles. When workers are injured, they tend to heal quickly and return to work quickly. Despite its reputation for keeping workers, the dock supervisor recently fired a 21-year old employee who had been with TSS for 12 months. Even though everyone liked him, the young man just couldn't learn his job. -Refer to Additional Case 12.2.Tri-State Shipping's workers' compensation tax rate is probably mostly influenced by their:

A(n)________ is a health-care plan in which an employer or insurance company establishes a network of doctors and hospitals to provide a broad set of medical services for a flat fee per participant.

A 401(k)is a tax-deferred individual contributor retirement plan.

High-deductible health plans lower employer health-care costs and employees' premiums.

Under HIPAA,an employee can transfer between health insurance plans without a gap in coverage due to a pre-existing condition.

Which country had the highest health-care costs per capita as of 2008?

Additional Case 12.1 The HR Director of The Camera Center is leading the executive team through a review of the company's benefits plan. He begins by explaining how the firm funds the benefits plan. After a few questions on that matter, he moves on to clarify what they must offer by law and what benefits the firm would like to provide. A highly entrepreneurial, performance-driven company, The Camera Center provides an excellent profit-sharing plan and one of the best retirement packages in the industry. The firm commits a high portion of compensation funds to the benefits plan. The workforce tends to be college-educated, young professionals who are just starting their families. The CEO wants the total benefits plan reviewed and repackaged, if necessary, to align it with The Camera Center's business culture and strategy. He also wants to contain costs as much as possible and simplify benefits administration. -Refer to Additional Case 12.1.The HR Director suggests establishing a wellness pay incentive program at The Camera Center.Which of the following,if true,best supports this idea?

Employee retirement benefits are governed by:

Legally required benefits include only:

________ are benefits given by a company to laid-off employees over and above state unemployment benefits.

Which of the following would most likely receive severance pay?

About ________ of all employers offer some childcare benefits.

The rate of workers' compensation tax for employers is based on all of the following factors EXCEPT the:

Most people can expect that Social Security will provide approximately ________ of their needed retirement income.

Which of the following would LEAST likely improve a firm's workers' compensation costs?

Disability income is provided to employees who are:

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

Retirement benefits are primarily an effective employee retention tool because they:

The Family and Medical Leave Act only affects employers that:

A standardized benefits package is most likely best for a: