HR Study Guide CH13
Card Set Information
HR Study Guide CH13
KCC HRM CH13
KCC HRM CH13
An indirect reward given to an employee or group of employees for organizational membership.
Benefit and HR Strategy
Employer Compensation and Benefits Costs per Hour
flexible benefits plan
Program that allows employees to select the benefits they prefer from groups of benefits established by the employer.
Situation in which only higher-risk employees select and use certain benefits.
How the Typical Benefits Dollar Is Spent
Types of Benefits
Security benefit voluntarily offerred by employers to individuals whose jobs are eliminated or who leave by mutual agreement with their employers.
Strategy of requiring employees to pay a portion of the cost of insurance premiums, medical care, and prescription drugs.
Approaches that monitor and reduce medical costs through restrictions and market system alternatives.
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.
health maintenance organization (HMO)
Plan that provides services for a fixed period on a prepaid basis.
Audit of services and costs billed by health care providers.
consumer-driven (CDH) plan
Health plan that provides employer financial contributions to employees to help cover their health-related expenses.
health accounts (HSAs)
High-deductible health plans with federal tax advantages.
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.
flexible spending accounts
Benefits plans that allow employees to contribute pretax dollars to fund certain additional benefits.
Retirement program established and funded by the employer and employees.
Retirement program in which employees are promised a pension amount based on age and service.
Pension Plan Concepts
Retirement program in which the employer makes an annual payment to an employee's pension account.
cash balance plan
Retirement program in which benefits are based on an accumulation of annual company contributions plus interest credited each year.
Pension plan in which the money for pension benefits is paid by both employees and the employer.
Pension plan in which all the funds for pension benefits are provided by the employer.
Right of employees to receive certain benefits from their pension plans.
A pension plan feature that allows employees to move their pension benefits from one employer to another.
Individual Retirement Options
Agreement in which a percentage of an employee's pay is withheld and invested in a tax-deferred account.
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.
serious health condition
Health condition requiring in-patient, hospital, hospice, or residential medical care or continuing physician care.
Extra pay for not taking sick leave.
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.