Module 1 Flashcards
(18 cards)
any form of compensation other than direct wages to employees
broad view of employee benefits
any form of compensation other than direct wages that results from the employment relationship that is not underwritten or paid by the government
narrow view of employee benefits
A legally mandated
benefit paid by the
employer that is
excluded in the
narrow view
Social Security
(including OASDI),
Medicare,
unemployment
insurance, workers
compensation
A 1948 NLRB legal case
that stipulated the duty
to bargain in good faith
over wages; also
included insurance and
fringe benefits such as
pensions
Inland Steel
A NLRB case that ruled
that “wages” in good
faith bargaining
include health and
accident plans
W.W. Cross & Co. v.
National Labor
Relations Board
An alternative name
for the Labor
Management
Relations Act
Taft-Hartley Act
This Act set the
framework for goodfaith collective
bargaining over
wages, hours, working
conditions, terms of
employment, and
benefits.
Labor
Management
Relations Act
A stipulation of
categories of
individuals that will be
covered in a benefit
plan. Categories can
be based on
employment status
and dependent status.
Categories of
persons covered
by employee
benefit plans
A benefit funding
option where the
employer pays all
the cost
Non-contributory
benefit plans
A benefit funding
approach where the
employer and
employees share the
cost
Contributory
benefit plans
A systematic method of
analysis of an employer’s
benefits program that
analyzes the program’s
ability to meet
participants’ needs,
manage loss exposures,
and fit compensation
and cost parameters
Functional
approach
A program that
includes all types of
employer-offered
compensation, longterm incentives, and
employee benefits
Total
compensation
philosophy
A benefit philosophy
that ties salary or
pay levels of
employees to their
tenure
Compensation/
service-oriented
philosophy
A benefit
philosophy where
the employer
focuses on the
needs of the
participants
Benefits/ needs oriented approach
Disability, death,
and property
damage insurance
can all be provided
to employees to
prevent what?
Serious loss
exposures
The formula used to
determine the level
of retirement or
disability pay an
employee may
receive expressed
as a percentage
Replacement ratio
Benefits that are
provided to protect
employees and
dependents against
financial loss including
life insurance and
disability income have
this type of orientation
Protection-oriented
benefits
What type of orientation
do pension plans, profitsharing plans, and other
savings-type plans that
reward employees for
length of service have?
Accumulation oriented benefits
