Exam (elaborations)
CEBS GBA 1 - Directing Benefits Programs Exam Questions and Answers
CEBS GBA 1 - Directing Benefits Programs Exam Questions and Answers
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CEBS GBA 1 - Directing BenefitsPrograms Exam Questions and Answers
Broad view of Employee Benefits - -This view sees employee benefits as
virtually any form of compensation other than direct wages.
-Components of the Broad view of Employee Benefits - -1. Employer's share
of legally required payments (Social Security and Medicare, unemployment
insurance, and worker's compensation benefits)
2. Payments for time not worked (e.g. paid rest periods, paid sick leave, paid
vacations, holidays, parental leave, etc).
3. Employer's share of medical and medically related payments
4. Employer's share of retirement and savings plan payments.
5. Miscellaneous benefit payments (inducing employee discounts, severance
pay, educational expenditures, and child care).
-Employer's Share of Legally Required Payments - -Social Security,
Medicare, Unemployment Insurance, & Workers Compensation
-Narrow View of Employee Benefits - -Any type of plan sponsored or
initiated unilaterally or jointly by employers and employees in providing
benefits that stem from the employment relationship that are not
underwritten or paid for directly by the government.
-The Narrow View of Employee Benefits Excludes what benefits? - -Legally
Mandated (Employer funding for Social Security Benefits and Workers'
compensation).
-Reasons for Growth of Employee Benefits - -Employers want to attract and
retain capable employees. An Employer's competition has certain benefit
plans, and it is necessary to have equal or better plans to attract and retain
employees.
-Taft-Harley Act - -Also known as the Labor-Management Relations Act, or
LMRA. It has established the distinction between retirement benefits and
welfare benefits such as life and health insurance. The statute sets forth the
basic regulatory framework under which both of these major categories of
benefits are to be jointly administered with the collective bargaining process.
-Major Federal Tax Advantages Associated with Employee Benefit Plans - -1.
Most contributions to employee benefit plans by employers are deductible as
long as they are reasonable business expenses.
2. Within certain limits, these employer contributions are generally not
considered income to employees.
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