Question 1

What is ERISA? What is the difference between a defined benefits plan and a defined contribution plan?

Accepted Answer

The answer of What is ERISA? What is the difference...

Question 2

A profit-sharing Keogh plan allows employers to make contributions to a retirement plan based on company performance.

Accepted Answer

A profit-sharing Keogh plan allows employers to make contributions to a retirement plan based on company performance.

Question 3

The ________ is a federal law established in 1974 to protect employees' retirement benefits from mismanagement.

Accepted Answer

The answer of The ________ is a federal law established...

Question 4

A federal law that protects an employee's ability to transfer between health insurance plans without a gap in coverage due to a preexisting condition is ________.

Accepted Answer

The answer of A federal law that protects an employee's...

Question 5

Which term refers to individual employee accounts funded by the employer, the employee, or both based on rules specified in Section 125 of the Internal Revenue Code?

Accepted Answer

Flexible spending accounts (FSAs) are individual employee accounts funded by the employer, the employee, or both based on rules specified in Section 125 of the Internal Revenue Code. The funds can be used to cover eligible medical, dental, and vision expenses, as well as dependent care expenses.

Question 6

Backup care is an employee benefit intended to meet the needs of employees who care for either elder family members or children.

Accepted Answer

Backup care is a type of employee benefit designed to support employees who are responsible for the care of their elderly family members or children. It provides temporary care services that are available when the employee's primary caregiver is unable to provide care due to unforeseen circumstances or emergencies. This benefit can help employees to manage their work and family responsibilities more effectively, and can also improve employee morale and job satisfaction.

Question 7

A(n)________ is a health-care plan that provides comprehensive medical services for employees and their families at a flat annual fee.

Accepted Answer

The answer of A(n)________ is a health-care plan that provides...

Question 8

________ is a guarantee that accrued retirement benefits will be given to retirement plan participants when they retire or leave the employer.

Accepted Answer

The answer of ________ is a guarantee that accrued retirement...

Question 9

A(n)________ is a health-care plan in which an employer or insurance company establishes a network of doctors and hospitals to provide a broad set of medical services for a flat fee per participant.

Accepted Answer

The answer of A(n)________ is a health-care plan in which...

Question 10

The United States provides the fewest vacation days of any country in the world.

Accepted Answer

The United States is not the country that provides the fewest vacation days in the world. Several other countries provide fewer vacation days than the US, including Japan and the United Kingdom.

Question 11

Defined benefits plans promise a fixed dollar amount to employees upon their retirement.

Accepted Answer

Defined benefits plans guarantee a specific amount of retirement income based on factors such as salary and years of service.

Question 12

Vesting of a retirement plan means that the employee can take the retirement plan with them if they leave the employer.

Accepted Answer

The answer of Vesting of a retirement plan means that...

Question 13

Companies use flexible benefits programs in order to:

Accepted Answer

Flexible benefits programs give employees the option to select the benefits most meaningful to them.

Question 14

What are the primary forms of paid time off available to most employees? How can a firm's HR department contain the costs associated with paid time off?

Accepted Answer

The answer of What are the primary forms of paid...

Question 15

The government agency that provides plan termination insurance to employers with defined benefit retirement programs is referred to as the ________.

Accepted Answer

The answer of The government agency that provides plan termination...

Question 16

A 401(k)is a tax-deferred individual contributor retirement plan.

Accepted Answer

A 401(k) is a tax-deferred individual contributor retirement plan, which means that the money you contribute is taken out of your paycheck before taxes are applied, allowing you to save money while reducing your taxable income.

Question 17

Typically, long-term disability compensation replaces about 40-50% of employees' income after they have been disabled for at least three months.

Accepted Answer

The answer of Typically, long-term disability compensation replaces about 40-50%...

Question 18

A(n)________ is a retirement plan that promises to pay a fixed dollar amount of retirement income based on a formula that takes into account the average of the employee's last 3-5 years' earnings prior to retirement.

Accepted Answer

The answer of A(n)________ is a retirement plan that promises...

Question 19

A(n)________ is a retirement plan in which the employer promises to contribute a specific amount of funds into the plan for each participant.

Accepted Answer

The answer of A(n)________ is a retirement plan in which...

Question 20

________ is legislation that gives employees the right to continue their health insurance coverage for 18 to 36 months after their employment has terminated.

Accepted Answer

The answer of ________ is legislation that gives employees the...

Quiz 12: Designing and Administering Benefits

What is ERISA? What is the difference between a defined benefits plan and a defined contribution plan?

A profit-sharing Keogh plan allows employers to make contributions to a retirement plan based on company performance.

The ________ is a federal law established in 1974 to protect employees' retirement benefits from mismanagement.

A federal law that protects an employee's ability to transfer between health insurance plans without a gap in coverage due to a preexisting condition is ________.

Which term refers to individual employee accounts funded by the employer, the employee, or both based on rules specified in Section 125 of the Internal Revenue Code?

Backup care is an employee benefit intended to meet the needs of employees who care for either elder family members or children.

A(n)________ is a health-care plan that provides comprehensive medical services for employees and their families at a flat annual fee.

________ is a guarantee that accrued retirement benefits will be given to retirement plan participants when they retire or leave the employer.

A(n)________ is a health-care plan in which an employer or insurance company establishes a network of doctors and hospitals to provide a broad set of medical services for a flat fee per participant.

The United States provides the fewest vacation days of any country in the world.

Defined benefits plans promise a fixed dollar amount to employees upon their retirement.

Vesting of a retirement plan means that the employee can take the retirement plan with them if they leave the employer.

Companies use flexible benefits programs in order to:

What are the primary forms of paid time off available to most employees? How can a firm's HR department contain the costs associated with paid time off?

The government agency that provides plan termination insurance to employers with defined benefit retirement programs is referred to as the ________.

A 401(k)is a tax-deferred individual contributor retirement plan.

Typically, long-term disability compensation replaces about 40-50% of employees' income after they have been disabled for at least three months.

A(n)________ is a retirement plan that promises to pay a fixed dollar amount of retirement income based on a formula that takes into account the average of the employee's last 3-5 years' earnings prior to retirement.

A(n)________ is a retirement plan in which the employer promises to contribute a specific amount of funds into the plan for each participant.

________ is legislation that gives employees the right to continue their health insurance coverage for 18 to 36 months after their employment has terminated.