Exam (elaborations)
2024 APHR- COMPENSATION AND BENEFITS SECTION 3 EXAM WITH CORRECT ANSWERS
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2024 APHR- COMPENSATION AND BENEFITS SECTION 3 EXAM WITH CORRECT ANSWERS
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2024 APHR- COMPENSATION ANDBENEFITS SECTION 3 EXAM WITH
CORRECT ANSWERS
401(k) Plan - CORRECT ANSWERS-A defined contribution plan allowing
employees to defer income by making pretax contributions to a retirement
account. The plan may also allow for employer matching contributions.
403(b) Plan - CORRECT ANSWERS-Employee retirement account, similar to a
401(k), for public employees.
Long Term Disability (LTD) - CORRECT ANSWERS-A significant period of
disability generally ranging from six months to life
Lump-sum increase (LSI) - CORRECT ANSWERS-An increase in pay that is
made in the form of a single cash payment
Managed Care - CORRECT ANSWERS-A system that delivers cost effective
health care through monitoring and recommending utilization of services
Mandated benefits - CORRECT ANSWERS-Employee benefits that employers
must provide by law
Market Differential - CORRECT ANSWERS-Temporarily paying above the pay
range for certain hard to fill jobs
Market Line - CORRECT ANSWERS-The relationship between a job value, as
determined by job evaluation points and pay survey rates shown on a graph
Market Price - CORRECT ANSWERS-Typical wage paid for a job in the
immediate labor market
Match Policy - CORRECT ANSWERS-Organization pay policy is to set pay
structures and targets pay levels to match the market rate
Maturity curve - CORRECT ANSWERS-A process of determining employees'
salaries as a function of experience. It assumes that years in a profession
equate with more highly valued competencies
Merit (or Pay-for-Performance) Pay - CORRECT ANSWERS-Compensation
increase based on individual employee's past effort and performance
, Money Purchase Plan - CORRECT ANSWERS-A type of defined contribution
plan in which the employer makes fixed, regular contributions for
participants, usually a percentage of total pay; employees may also make
voluntary contributions. At retirement, the accumulated funds are used to
provide annuities or lump-sum distributions
Non-contributory plan - CORRECT ANSWERS-A retirement or benefit plan in
which the employer makes all the contributions
Non-exempt employees - CORRECT ANSWERS-Employees who are covered
by the Fair Labor Standards Act's minimum wage and overtime pay
provisions. These employees are typically paid hourly
Adverse selection - CORRECT ANSWERS-The tendency of persons with
poorer-than-average health expectations (higher risk) to apply for or
continue insurance coverage to a greater extent than persons with average
or better-than-average health expectations (lesser risk). Also known as anti-
selection.
Age - CORRECT ANSWERS-Adjusting all salary survey data to the same date.
Base Pay - CORRECT ANSWERS-The basic compensation for a specified
position of employment excluding any other payments or allowances.
Benchmark Job - CORRECT ANSWERS-A job that is commonly defined, used
to make pay comparisons, either within the organization or to comparable
jobs outside the organization. Pay data for these jobs is readily available in
published surveys.
Benefit - CORRECT ANSWERS-A collection of non-cash compensation
elements, including but not limited to income protection, health coverage,
retirement savings, vacation and income supplements for employees,
provided in whole or in part by employer payments.
Benefits needs analysis - CORRECT ANSWERS-A comprehensive review of all
employee benefits
Bonus - CORRECT ANSWERS-A one time amount received or paid in addition
to the regular wage or salary.
Broadbanding - CORRECT ANSWERS-Combining salary grades and ranges
into a few wide levels, each containing a relatively wide range of jobs and
salary levels.
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