Term
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Definition
| Established in 1935 and funded through payroll taxes paid by employers the program is designed to provide compensation, after a brief waiting period, to those employees who have been laid off from employment. Recipients are expected to seek employment actively. |
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Term
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Definition
| the way a pension, which guarantees a monthly payment to a former employee during retirement is structured |
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Term
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Definition
| A employee sponsored retirement plan in which employee benefits are paid based on a formula using factors such as salary and durations of employment. Usually there are restrictions on when and how the plans can be accessed without penalties. The amount of the retirement is fixed and the employee knows the amount. |
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Term
| • Defined contribution plan |
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Definition
| A retirement plan to which a certain amount or percentage of money is set aside each year by a company for the benefit of the employee. There are restrictions as to when and how the plans can be accessed without penalties. There is no way to know how much the plan will ultimately give the employees upon retiring the amount contributed is fixed but the benefits is not. |
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Term
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Definition
| a type of defined benefit pension plans under which an employee credits a participants account with a set percentage of his or her yearly compensations plus interest. The investment performance of the fund does not affect the final benefits to be received by the participating upon retirement. Unlike the regular defined plan, the cash balance plan is maintained on an individual account basis, much like a defined contribution plan. |
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Term
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Definition
| The first comprehensive reform law passed to protect employee pensions. Additionally its place strict regulations on private pension plans and protects the vested rights of employees beneficiaries. |
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Term
| • Pension Benefit Gurantee Corporation (PBGC) |
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Definition
| Established within the department of labor to encourage voluntary employee pension continuance when changing employment by providing portability the right of an employee to transfer tax free pension benefits from one employer to another. |
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Term
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Definition
| The process by which an employee accrues nonforfeitable right over employer contributions that are made to the employees qualified retirement plan account. Generally nonforfeitable rights accrue based on the number of years of service performed by the employee. |
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Term
| • Wage employment Guarantees |
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Definition
| – A contract negotiation assuring employees a minimum amount of work or compensation during a qualified amount of time. |
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Term
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Definition
| A contract provision that allows either negotiating party to be released from a specific provision of a collective bargaining agreement under certain conditions. |
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Term
| Supplemntal unemployment benefits |
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Definition
| • Plans that provide additional income to supplement state unemployment benefits to employees who are laid off. |
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Term
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Definition
| • Plans that provide additional income to supplement state unemployment benefits to employees who are laid off. |
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Term
| Behavior Modification Program |
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Definition
| • A relatively new method of cost containment that is likely to be supported by both management and union negotiators is called “behavior negotiation. A term that has been common in psychology for many years but now applied to health care. |
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Term
| Health Reimbursement Arrangements |
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Definition
| • HRA similar to the 401k pension fund in that an employer contributes a fixed amount of tax deferred money into an account for the employee to use for medical expenses. |
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Term
| Voluntary Employees Beneficially association |
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Definition
| an organization for members who have employment related common bond or coverage under one more collective bargaining agreements or membership in a labor union, to pay life, sick, accident, and similar benefits. A VEBA operates similar to a pension fund in that employers contribute a specific amount of money each year to accounts for their employees. |
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Term
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Definition
| - Any of a variety of employer sponsored programs designed to enhance the employees well-being such as stress management cancer detection exercise programs and complete physical fitness centers.(302) |
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Term
| Employee Assistance Programs (EAPS) |
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Definition
| • Company sponsored programs designed to assist employees in resolving personal problems such as stress, finance and alcoholism that may be adversely affect job performance and attendance. |
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Term
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Definition
| A law that provides for the continuation of medical and dental insurance for employees spouses and dependents in the event of en employees death, termination divorce or other loss of health care eligibility. |
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Term
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Definition
| • Wages that exceed the standard or regular pay rate given an employee for work performed under undesirable circumstances, such as overtime hours, weekend work, holiday work, or dangerous and hazardous conditions. |
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Term
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Definition
| the payment of overtime on top of another overtime rate that occurs if the same hours of work qualify for both daily and weekly overtime payment. Most contracts prohibit this type of payment. |
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Term
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Definition
| additional hourly rates of pay provided to employees who worked the least desirable hours. |
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Term
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Definition
| The minimu payment guaranteed for employees who report for work, even if work is not available, provided they have not given adequate notice not to report to work. |
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Term
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Definition
| A supplemental payment given to employees called back to work before they are normally scheduled to return. |
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Term
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Definition
| negotiated in lieu of fixed benefits employees can chose the benefits that fit their needs among designated list and within a price established by the contract. Usually includes medical insurance vacation pensions and life insurance. |
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Term
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Definition
| of employees with flexible plans, 78 percent reported that a major objective in their initiating a plan was to contain rising health care costs. With health care costs continuing to rise, this effective containment method is likely to spread among employers. |
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Term
| • Improved Benefit offered |
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Definition
| Employers can better meet the needs of their employers by expanding the variety of benefits offered to employees. |
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Term
| • Attract and retain employees |
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Definition
| the changing workforce is causing employers in some industries to consider flexible work schedules can be used to attract and keep employees, flexible benefit plans can be included in recruitment and advertising. |
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Term
| • Avoid duplicate coverage |
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Definition
| another aspect of the changing labor force is the increased number of working married couples with duplicate benefits coverage from separate employers. Flexible benefit plans may allow a married couple to save thousands of dollars in wasted duplicate coverage. |
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