Consolidated Omnibus Budget Reconciliation Act (COBRA)
Cafeteria-Style Plan
·
A benefits plan that
offers employees a set of alternatives from which they can choose the types and
amounts of benefits they want.
Cash Balance Plan
·
Retirement plan in
which the employer sets up an individual account for each employee and
contributes a percentage of the employee's salary; the account earns interest
at a predefined rate.
Consolidated Omnibus
Budget Reconciliation Act (COBRA)
·
Federal law that
requires employers to permit employees or their dependents to extend their
health insurance coverage at group rates for up to 36 months following a
qualifying event, such as a layoff, reduction in hours, or the employee's
death.
Contributory Plan
·
Retirement plan funded
by contributions from the employer and employee.
Defined-Benefit Plan
·
Pension plan that
guarantees a specified level of retirement income.
Defined-Contribution
Plan
·
Retirement plan in
which the employer sets up an individual account for each employee and
specifies the size of the investment into that account.
Employee Benefits
·
Compensation in forms
other than cash.
Employee Retirement
Income Security Act (ERISA)
·
Federal law that
increased the responsibility of pension plan trustees to protect retirees,
established certain rights related to vesting and portability, and created the
Pension Benefit Guarantee Corporation
Employee Wellness
Program (EWP)
·
A set of
communications, activities, and facilities designed to change health-related
behaviors in ways that reduce health risks.
Social Security
·
The federal Old Age,
Survivors, Disability, and Health Insurance (OASDHI) program, which combines
old age (retirement) insurance, survivor's insurance, hospital insurance
(Medicare Part A), & medical insurance (Medicare Part B) for older
individuals.
Experience Rating
·
The number of
employees a company has laid off in the past and the cost of providing them
with unemployment benefits.
Flexible Spending
Account (FSA)
·
Employee-controlled
pretax earnings set aside to pay for certain eligible expenses, such as health
care expenses, during the same year.
High Deductible Health
Plan (HDHPs)
·
Health care plans that
provide incentives for employees to make decisions that help lower health care
costs.
Health Maintenance
Organization (HMO)
·
A health care plan
that requires patients to receive their medical care from the HMO's health care
professionals, who are often paid a flat salary, and provides all services on a
prepaid basis.
Long-Term Disability
Insurance
·
Insurance that pays a
percentage of a disabled employee's salary after an initial period and
potentially for the rest of the employee's life.
Noncontributory Plan
·
Retirement plan funded
entirely by contributions from the employer.
Family and Medicare
Leave Act (FMLA)
·
Federal law requiring
organizations with 50 or more employees to provide up to 12 weeks of unpaid
leave after childbirth or adoption; to care for a seriously ill family member
or for an employee's own serious illness; or to take care of urgent needs that
arise when a spouse, child, or parent in the National Guard or Reserve is
called to active duty.
Pension Benefit
Guaranty Corporation (PBGC)
·
Federal agency that
insures retirement benefits and guarantees retirees a basic benefit if the
employer experiences financial difficulties.
Short-Term Disability
Insurance
·
Insurance that pays a
percentage of a disabled employee's salary as benefits to the employee for six
months or less.
Preferred Provider
Organization (PPO)
·
A health care plan
that contracts with health care professionals to provide services at a reduced
fee and gives patients financial incentives to use network providers.
Patient Protection and
Affordable Care Act
·
Health care reform law
passed in 2010 that includes incentives and penalties for employers providing
health insurance as a benefit.
Summary Plan
Description
·
Report that describes
a pension plan's funding, eligibility requirements, risks, and other details.
Vesting Rights
·
Guarantee that when
employees become participants in a pension plan and work a specified number of
years, they will receive a pension at retirement age, regardless of whether
they remained with the employer.
Unemployment Insurance
·
A federally mandated
program to minimize the hardships of unemployment through payments to
unemployed workers, help in finding new jobs, and incentives to stabilize
employment.
Workers Compensation
·
State programs that
provide benefits to workers who suffer work-related injuries or illnesses, or
to their survivors.
Which U.S. employees
do not receive Social Security benefits? (Select all that
apply.)
·
-state workers
-railroad workers
-federal workers
USA 
India