HR Study Guide CH13

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  1. benefit
    An indirect reward given to an employee or group of employees for organizational membership.
  2. Benefit and HR Strategy
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  3. Employer Compensation and Benefits Costs per Hour
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  4. flexible benefits plan
    Program that allows employees to select the benefits they prefer from groups of benefits established by the employer.
  5. adverse selection
    Situation in which only higher-risk employees select and use certain benefits.
  6. How the Typical Benefits Dollar Is Spent
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  7. Types of Benefits
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  8. severance pay
    Security benefit voluntarily offerred by employers to individuals whose jobs are eliminated or who leave by mutual agreement with their employers.
  9. copayment
    Strategy of requiring employees to pay a portion of the cost of insurance premiums, medical care, and prescription drugs.
  10. managed care
    Approaches that monitor and reduce medical costs through restrictions and market system alternatives.
  11. preferred provider organization (PPO)
    A health care provider that contracts with an employer or an employer group to supply health care services to employees at a competitive rate.
  12. health maintenance organization (HMO)
    Plan that provides services for a fixed period on a prepaid basis.
  13. utilization review
    Audit of services and costs billed by health care providers.
  14. consumer-driven (CDH) plan
    Health plan that provides employer financial contributions to employees to help cover their health-related expenses.
  15. health accounts (HSAs)
    High-deductible health plans with federal tax advantages.
  16. health reimbursement arrangement (HRA)
    Health plan in which the employer sets aside money in a health reimbursement account to help employees pay for qualified medical expenses.
  17. flexible spending accounts
    Benefits plans that allow employees to contribute pretax dollars to fund certain additional benefits.
  18. pension plan
    Retirement program established and funded by the employer and employees.
  19. defined-benefit plan
    Retirement program in which employees are promised a pension amount based on age and service.
  20. Pension Plans
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  22. Pension Plan Concepts
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  23. defined-contribution plan
    Retirement program in which the employer makes an annual payment to an employee's pension account.
  24. cash balance plan
    Retirement program in which benefits are based on an accumulation of annual company contributions plus interest credited each year.
  25. contributory plan
    Pension plan in which the money for pension benefits is paid by both employees and the employer.
  26. noncontributory plan
    Pension plan in which all the funds for pension benefits are provided by the employer.
  27. vesting
    Right of employees to receive certain benefits from their pension plans.
  28. portability
    A pension plan feature that allows employees to move their pension benefits from one employer to another.
  29. Individual Retirement Options
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  30. 401k plan
    Agreement in which a percentage of an employee's pay is withheld and invested in a tax-deferred account.
  31. stock purchase plan
    Plan in which the employer provides matching funds equal to the amount invested by the employee for the purchase of stock in the company.
  32. serious health condition
    Health condition requiring in-patient, hospital, hospice, or residential medical care or continuing physician care.
  33. well pay
    Extra pay for not taking sick leave.
  34. paid-time-off (PTO) plan
    Plan that combines all sick leave, vacation time, and holidays into a total number of hours or days that employees can take off with pay.
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HR Study Guide CH13
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