Employees are allowed to defer pretax income

Employees are allowed to defer pretax income

 

Employee Benefits

 

·         The parts of the total compensation package, other than pay for time worked, provided to employees in whole or in part employer payments

 

Wage and Price Controls

 

·         Government regulations that aim at maintaining low inflation and low levels of unemployment.

 

Workers Compensation

 

·         Mandated by State or Federal Government

 

Unemployment Insurance

 

·         Mandated by State or Federal Government

 

Social Security

 

·         Mandated by State or Federal Government

 

Employee Retirement Income Security Act (ERISA)

 

·         For employees who chose to have a retirement plan, this act sets some formidable rules that must be followed to be in compliance

 

401(K) Pension Plan

 

·         Named for the section of the Internal Revenue Code describing the requirements, is a saving plan in which employees are allowed to defer pretax income

 

Customer Driven Health Care

 

·         Medical care package where the employer finances the cost up to a dollar maximum and the employee search for options that best fit their specific needs

 

Market based Health Care

 

·         Medical care package where the employer finances the cost up to a dollar maximum and the employee search for options that best fit their specific needs

 

Direct Compensation

 

·         Pay received directly in the form of cash

 

Tiered Networks

 

·         Employer offers employees a choice of medical plans, which include medical systems of varying costs

 

Menu Driven Health Care

 

·         Employer provide online information to help employees customize their own benefit plan by selecting co-pays, deductibles, and so forth

 

Managed Competition Health Plan

 

·         Employer provides a subsidized basic medical plan with buy-up options plan can be from same or multiple insurers

 

Health Savings Accounts

 

·         A fund is created by the employer, employee, or jointly that is used to pay the first x dollars of health care expenses

 

Flexible Benefit Plan

 

·         Benefit package in which employees are given a core of critical benefits and permitted to expend the remainder of their benefit allotment on option they find most attractive

 

Cafeteria-Style Plan

 

·         A benefit plan that looks like a defined contribution plan. Employees have a hypothetical account, such as a 401(k), into which is deposited what is typically a percentage of annual compensation

 

E-benefits

 

·         Employee benefits, information to applications, posted on company intranet by employer, which allows employee access 24/7 and employer to update easily