Benefits Part 2

Benefits Part 2 - Dental & vision Time Off PTO...

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Benefits Part 2 (Points 6-10) What are the top four benefits in terms of employee’s access and how does access differ based on company size o Top four benefits for smaller firms Paid holidays, health care, prescription drug coverage, paid sick leave o Top four benefits for larger firms Paid holidays, health care, prescription drug coverage, voluntary retirement plan Identify mandatory benefit programs (those prescribed by the Federal Law) and Identify common voluntary benefit programs. Issue Mandatory Programs Voluntary Programs Retirement Social Security Defined benefit pensions Defined contribution savings – 401(k), etc. ESOP Death Social Security Workers Compensation Group life insurance Payouts from profit sharing & retirement plans Disability Social Security Workers Compensation State Disability FMLA Short-term disability Long-term disability Unemployment Unemployment Benefits Severance pay Medical/Dental Workers Compensation 2014: Affordable Health Care Act 2010 Major medical Preventive care
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Unformatted text preview: Dental & vision Time Off PTO Vacation Sick leave Sabbatical What are the key elements of the Employee Retirement Income Security Act (ERISA). o Employee Retirement Income Security Act of 1974 (ERISA ) Protects benefits for workers covered by private pension plans; prohibits unfunded plans Specifies provisions for vesting (time when employers contribution belongs to employee) Portability: transfer of retirement funds to IRAs What are the key elements of the Family Medical Leave Act (FMLA). o Disability- Mandatory Programs Covers employers with 50 or more workers Required to grant up to 12 weeks of unpaid leave annually For birth/adoption of a child To care for immediate family member with serious health condition For employee with serious health condition Employee keeps preexisting health coverage and must be allowed Many states & localities have additional, more stringent requirements....
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Benefits Part 2 - Dental & vision Time Off PTO...

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