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CPFO Compensation & Benefits Exam Questions with Complete Answers Latest Update 2024
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CPFO Compensation & Benefits Exam Questions with Complete Answers Latest Update 2024 Step and grade compensation model - Answers -Civil Service Model -Different grades and steps within each grade -Steps may be spaced out with incremental pay increases Key component of position control - Answers...

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  • October 28, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • cpfo compensation benefits exam questions with c

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  • CPFO Compensation & Benefits
  • CPFO Compensation & Benefits

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CPFO Compensation & Benefits Exam Questions with Complete Answers Latest Update 2024

Step and grade compensation model - Answers -Civil Service Model

-Different grades and steps within each grade

-Steps may be spaced out with incremental pay increases

Key component of position control - Answers -Vacancy adjustments, inflation impacts, and
compensation approaches are all key components of and effective budgeting of salary and wages.

Budgeting of salary and wages - Answers -Salaries and wages are largest portion of expenditure budget.

-Need for accurate expenditure projections

-Manage headcount levels in light of cost constraints

Collective bargaining and compensation - Answers -Track positions covered by collective bargaining
agreements.

-Be aware of key dates

-More than salary, some agreements address overtime, holiday pay, shift differentials, uniform
allowances, and license/certification pay.

Employer compensation costs landscape (Private vs. Public) - Answers Employer costs are higher per
hour in public sector than in private.

FICA - Answers Federal Insurance Contribution Act - A US federal payroll tax that is deducted from each
paycheck.

Social Security and Medicare

Fringe benefit - Answers Any financial extras beyond the regular pay - retiree health insurance, retiree
pension, company car, subsidized meals, bonuses. Tuition reimbursement is no considered de minimis.

Limit before taxable is $5,250

Longevity of service - Answers Length of service

Employer-provided tuition assistance - Answers -Full or partial reimbursement or loan.

-Policy must be tax compliant.

-Consider some type of repayment if employee terminates

-Not considered de minimis fringe benefit.

, Paid Time Off (PTO) - Answers -Set number of days to be used by employee for time off, either sick or
vacation.

-Discourages people from accruing significant sick leave banks.

Merit pay model - Answers -Pay for performance system

Portable retirement plan - Answers -Defined contribution plan

-Retirement plan benefit is attached to the individual employee and not the employer.

FSLA Non-discretionary bonus - Answers -Included in the regular rate of pay, unless qualified as
excludable under another statutory provision.

-Employees know about, understand how to earn, and expect the bonus.

-Employer still has the option not to pay the bonus.

Importance for employer to track employee time - Answers -Determine how much to pay

-Determine leave time accrual and deductions

-Promote a culture of accountability

-Time entry options:

Electronic time cards, paper-based timecards, electronic time entry

Employees carryover vacation balance - Answers Policies that define timing of accruals and year to year
carryover of balances can have significant budgetary impacts.

Section 218 (int the Social Security Act) agreement - Answers A voluntary yet irrevocable agreement
between a state and the Social Security Administration and/or Medicare Hospital Insurance that the
state will provide these benefits (not the federal government) to certain state and local government
employment.

IRS Form 941 - Answers Payroll tax form filed quarterly to report and pay federal payroll taxes, including
Social Security Tax and Medicare.

FSA accounts - Answers Health Care FSA, Limited Expense Health FSA and Dependent Care FSA

Qualifying life event

-employment status

-legal marital status

-number of dependents

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