Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
HR Ch. 15
Frear HR Ch. 15
| Term | Definition |
|---|---|
| Employee Benefits | Rewards that employees receive for being members of the org. and for their positions in the org.; usually not related to employee performance. |
| Social Security | Federally administered insurance system designed to provide funds upon retirement or disability or both and to provide hospital and medical reimbursement to people who have reached retirement age. |
| Unemployment Compensation | Form of insurance designed to provide funds to employee who have lost their jobs and are seeking other jobs. |
| Workers Compensation | Form of insurance that protects employees from loss of income and extra expenses associated with job-related injuries or illness. |
| Private Plans | Employee benefits that provides a source of income to people who have retired; funded either entirely by the org. or jointly by the org. and employee during employment. |
| Defined-Benefit Plan | Pension plan under which an employer pledges to provide a benefit determined by a definite formula at the employee's retirement date. |
| Defined-Contribution Plan | Pension plan that calls for a fixed or known annual contribution instead of a known benefit. |
| Vesting | Right of the employees to receive money paid into a pension or retirement fund on their behalf by their employer if they leave the org. prior to retirement. |
| Employee Retirement Income Security Act (ERISA) | Federal law passed in 1974 designed to give employees increased security for their retirement and pension plans and to ensure the fair treatment of employees under pension plans. |
| Retirement Equity Act | Act passed in 1984 the liberalized eligibility requirements, vesting provisions, maternity/paternity leaves, and spouse survivor benefits of retirement plans. |
| Ameneded Age Discrimination Employment Act (ADEA) | Forbids mandatory retirement at any age for all companies employing 20 or more people in the private sector and in the federal government. |
| Individual Retirement Accounts (IRA) | Individual pension plan for employees not covered by private pension plans. |
| SEP-IRA | Retirement plan that allows small businesses and sole proprietors to make deductible contributions. |
| Roth IRA | Retirement plan that allows individuals to make nondeductible contributions and tax-free withdrawals with certain restrictions. |
| Health Maintenance Org. (HMO) | Health services org. that contracts with companies to provide certain basic medical services around the clock, seven days a week, for a fixed cost. |
| Preferred Provider Org. (PPO) | Formed by contracting with a group of doctors and hospitals to provide services at a discount or otherwise attractive prices. Such providers are designated as "preferred" providers of care. |
| Disability Insurance | Designed to protect employees who experience long-term or permanent disability. |
| Floating Holiday | Holiday that is observed at the discretion of the employee or employer. |
| Flexible-Benefit Plan (Cafeteria Plan) | Benefit plan that allows employees to select from a wide range of options how their direct compensation and benefits will be distributed. |
Created by:
sfrase
Popular Business sets