Exam (elaborations)
CEBS GBA 1: Assignment 1
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- CEBS GBA 1: Assignment 1
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- CEBS GBA 1: Assignment 1
CEBS GBA 1: Assignment 1
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CEBS GBA 1: Assignment 1Broadview of employee benefits - -any form of compensation other than
dirext wages paid to employees. includes gov required benefits and private
plans. employers share of soc security tax, paid vacation and pension plans.
-narrow view of employee benefits - -any type of plan sponsored or initiated
unilaterally or jointly by employers and employees engaged in provideng
benefits that result from the employment relationship that are not
underwritten or paid directly by the gov
-how many categories of benefits fall under the broad view of employee
benefits? - -5
-Name the 5 categories of benefits fall under the broad view of employee
benefits - -1. legally required benefits
2. Payments for time not worked
3. employers share of medical and medically related benegits
4. employers share of retirement and savings plan payments
5. misc benefits like employee discounts, severance pay and education
expenditures.
-why do firms have established employee benefit plans - -1. to attract top
talent
2. retain employees
3. belief that good plans will foster efficiency , productivity and better morale
-describe the 1948 national labor relations board ruling against Inland Steel
- -the duty to bargain in good faith over wages also included insurance and
fringes such as pension benefits.
-describe the WW Cross and Co case - -NLRB rules that wages included a
health and accident plan
-explain the Taft Hartley Act - -related to employee benefit planning. it is
the framework for good faith collective bargaining over wages, hours,
conditions and terms of employment and employee benefits. works along
with the Internal Revenue Code to establish the distinction between
retirement benefits and welfare benefits.
also provides the regulatory framework for administration of these benefits
in a collective bargaining agreement.
-what is the Taft Hartley act also known as - -the Labor Managment
Relations Act
, -Which act is the legislative basis on which jointly trusteed benefit plans are
founded? - -Taft Hartley Act also known as the Labor Management Relations
Act
-Why is insurance coverage provided as an employee benefit? - -
Employment based insurance is convenient for employees. they dont have to
search for individual insurance and it is less expensive.
providers and suppliers find it more convenient and simpler to communicate
and market employee benefits through an employer
-where should the design of an employee benefit begin? - -It starts with
setting overall objecties from the standpoint of the employer and the
employees
-what are the key questions that should be addressed with setting benefit
objectives - -1. what benefits should be provided?"
2. who should be covered by the plan?
3. should employees have benefit options?
4. how should the plan be financed?
5. how should the plan be administered?
6. how should the benefit plan be communicated?
-describe the functional approach to benefit planning? - -the application of a
systematic method of analysis to an employers total employee benefits
program
looks at the organizations employee benefit program as coordinated. has
ability to meet various needs and to manage loss exposures within the
employers overall compensation goals and cost parameters.
-why is the functional approach thought to be good for planning designing
and adminstering employee benefits - -1. benefits are a big part of total
employee conpensation
2. they are a tax effective way of compesating employees
3. they are a large item of labor cost for employers thus good planning is
important to avoid waste.
4. when benefits are done piecemeal and not coordinated, there are gaps
and overlap
5. systematic approaches keep the plan current, competitive and compliant
6. allows for proper benefit integration
-what are some of the elements that an employer should try to balance in its
compensation system? - -1. basic cash wages and salary
2. current incentive compensation
3. employee benefits
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