Benefits and Services Chapter 13 Part 4 | Compensation

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Benefits and Services Chapter 13 Part 4 | Compensation © 2008 Prentice Hall, Inc. All rights reserved.

After studying this chapter, you should be able to: Name and define each of the main pay for time not worked benefits. Describe each of the main insurance benefits. Discuss the main retirement benefits. Outline the main employees’ services benefits. Explain the main flexible benefit programs. © 2008 Prentice Hall, Inc. All rights reserved.

Types of Employee Benefits Supplemental Pay Employee Services Insurance Benefits Retirement Benefits Types of Employee Benefits © 2008 Prentice Hall, Inc. All rights reserved.

Policy Issues in Designing Benefit Packages Who will be covered Coverage during probation Degree of employee choice Which benefits to offer Whether to include retirees How to finance benefits Cost containment procedures Communicating benefits options © 2008 Prentice Hall, Inc. All rights reserved.

Pay For Time Not Worked Supplemental Pay Benefits Vacations and Holidays Parental Leave Supplemental Unemployment Benefits Supplemental Pay Benefits Unemployment Insurance Sick Leave Severance Pay © 2008 Prentice Hall, Inc. All rights reserved.

Insurance Benefits Workers’ Compensation Provides income and medical benefits to work-related accident victims or their dependents, regardless of fault. Death or disability: a cash benefit based on earnings per week of employment. Specific loss injuries: statutory list of losses Controlling workers’ compensation costs Screen out accident-prone workers. Make the workplace safer. Thoroughly investigate accident claims. Use case management to return injured employees to work as soon as possible. © 2008 Prentice Hall, Inc. All rights reserved.

Trends in Health Care Cost Controls Cost-Control Trends Communication, Involvement, and Empowerment Premiums and Co-Pays Prevention Programs Health Savings Accounts Claim Audits © 2008 Prentice Hall, Inc. All rights reserved.

Other Cost-Control Options Automating health care plan administration Defined contribution health care plans Eliminating retiree health care coverage Benefits purchasing alliances Controlling Health Care Costs Outsourcing health care plan administration © 2008 Prentice Hall, Inc. All rights reserved.

Retirement Benefits (cont’d) Membership Requirements Vesting Benefit Formula Plan Funding Policy Issues In Pension Planning © 2008 Prentice Hall, Inc. All rights reserved.

Retirement Benefits (cont’d) Defined Benefits Plans Defined Contribution Plans Qualified Plans Nonqualified Plans Types of Pension Plans © 2008 Prentice Hall, Inc. All rights reserved.

Retirement Benefits (cont’d) 401(k) Plans Employee Stock Ownership Plans (ESOPs) Savings and Thrift Plans Types of Defined Contribution Plans Deferred Profit-Sharing Plans Cash Balance Pension Plans © 2008 Prentice Hall, Inc. All rights reserved.

Personal Services (cont’d) Steps for Launching an EAP Program 1 2 Develop a policy statement. 3 Ensure professional staffing. 4 Maintain confidential record-keeping systems. Be aware of legal issues. © 2008 Prentice Hall, Inc. All rights reserved.

Flexible Benefits Programs Cafeteria (Flexible Benefits) Approach Each employee is given a limited benefits fund budget to spend on preferred benefits. Types of plans Flexible spending accounts Core plus option plans Flexible Work Arrangements Flextime schedules Compressed workweek schedules Job sharing Work sharing Telecommuting © 2008 Prentice Hall, Inc. All rights reserved.

K E Y T E R M S benefits supplemental pay benefits unemployment insurance sick leave severance pay supplemental unemployment benefits workers’ compensation case management health maintenance organization (HMO) preferred provider organizations (PPOs) group life insurance Social Security pension plans defined benefit pension plan defined contribution pension plan portability 401(k) plan savings and thrift plan deferred profit-sharing plan employee stock ownership plan (ESOP) cash balance plans Employee Retirement Income Security Act (ERISA) Pension Benefits Guarantee Corporation (PBGC) vested funds early retirement window employee assistance program family-friendly benefits flexible benefits plan/cafeteria benefits plan flextime compressed work week job sharing work sharing telecommuting © 2008 Prentice Hall, Inc. All rights reserved.