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MG 409 Exam 2 Ch.12
| Question | Answer |
|---|---|
| management mentoring | A relationship in which experienced managers aid individuals in the earlier stages of their careers |
| Gross-up | To increase the net amount of what the employee receives to include the taxes owed on the amount |
| flexible benefits plan | Program that allows employees to select the benefits they prefer from options established by the employer |
| adverse selection | Situation in which only higher-risk employees select and use certain benefits |
| Open enrollment | is a time when employees can change their participation level in various benefit plans and switch between benefit options. |
| Third-party administrators (TPAs) | are vendors that provide enrollment, recordkeeping, and other administrative services to organizations. |
| Self-service | is technology that allows employees to enroll in and change their benefit choices, track their benefit balances, and submit questions to HR staff members and external benefit providers. |
| Workers’ compensation | Security benefits provided to workers who are injured on the job |
| three-legged stool | A model showing the three sources of income to fund an employee’s retirement |
| vesting | A benefit that cannot be taken away |
| portability | A pension plan feature that allows employees to move their retirement benefits from one employer to another |
| retirement plan | is a program established and funded by the employer and/or employees to fund employees’ retirement years. |
| defined benefit plan | Retirement program in which employees are promised a pension amount based on age and years of service |
| defined contribution plan | Retirement program in which the employer and/or employee makes an annual payment to an employee’s retirement account |
| 401(k) plan | Plan in which a percentage of an employee’s pay is withheld and invested in a tax-deferred account |
| Auto-enrollment | Process by which employee contributions to a 401(k) plan are started automatically when an employee is eligible to join the plan |
| auto-escalation | Automatic increases of 1 percent a year to a 401(k) plan |
| deductible | Money paid by an insured individual before a health plan pays for medical expenses |
| health spending account | A tax-favored savings plan to provide funds for paying medical expenses |
| consumer-driven health (CDH) plan | Health plan that provides employer financial contributions to employees to help cover their health-related expenses |
| Copayments | The portion of medical expenses paid by the insured individual for medical treatment |
| Managed care | Approaches that monitor and reduce medical costs through restrictions and market system alternatives |
| qualifying event | An event that causes a plan participant to lose group health benefits |
| stock purchase plan | Plans where employees may buy shares in the company at a discount, or the company pays the brokerage fees |
| serious health condition | An illness or injury that requires inpatient care or continuing treatment by a health care provider for medical problems that exist beyond three days |
| paid-time-off (PTO) plans | Plans that combine all sick leave, vacation time, and holidays into a total number of hours or days that employees can take off with pay |
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