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As employers have recognized the signifi...View Answer
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B) False
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A defined-benefit plan guarantees a spec...View Answer
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A) The employee
B) The PGBC
C) The ERISA Fiduciary Advisor
D) The financial institution handling the account
E) The employer
G) A) and D)
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B) False
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B) False
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A) Employees generally have a thorough understanding of what benefits they have and what the market value of these benefits is.
B) Employees significantly underestimate the cost and value of their benefits.
C) Employers do an effective job of communicating the cost and value of benefits to their employees.
D) Employees, for the most part, are just not interested in their benefits.
E) Employers have very limited options for communicating information about benefits.
G) A) and D)
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A) Use more independent contractors rather than hire additional employees.
B) Limit the coverage on life insurance, based upon the employee's age.
C) Use more full-time rather than part-time employees.
D) Recruit new employees instead of demanding overtime from the existing employees.
E) Substitute HMO and PPO plans with traditional health insurance plans.
G) B) and E)
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A) laid-off workers
B) workers injured on the job
C) retired workers
D) self-injured workers
E) sick workers
G) All of the above
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B) False
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Health maintenance organizations (HMOs)a...View Answer
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A) The act established certain rights related to vesting.
B) The act required employers to offer supplemental retirement plans.
C) The act barred portability of retirement savings.
D) The act reduced the responsibility of pension plan trustees.
E) The act guaranteed retirees a pension equivalent to their last drawn salary.
G) A) and D)
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A) They are not considered as dependents of the employee.
B) They are not covered under the employee's health insurance benefits.
C) They get the same tax benefits as those received by spouses.
D) They receive benefits only if they work in the same firm as the employee.
E) They get benefits that are taxed as wages of the employee receiving the benefits.
G) C) and D)
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A) Employee Benefit Security Administration
B) Federal Trade Commission
C) Merit Systems Protection Board
D) Federal Retirement Thrift Investment Board
E) Pension Benefit Guarantee Corporation
G) A) and E)
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A) Employers must fund benefits on a pay-as-you-go basis.
B) Benefits must not appear as future cost obligations.
C) Employers should encourage employees to participate in management functions.
D) Financial statements should be made in such a way that outsiders cannot understand them.
E) Employers must set aside the funds they expect to need for benefits to be paid after retirement.
G) B) and D)
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A) both employees and employers.
B) employers only.
C) employees only.
D) retirees.
E) only high income group of citizens.
G) B) and E)
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A) PPOs provide benefits at a reduced fee rather than on a prepaid basis as in HMOs.
B) HMO employees are not required to use only preselected plan service providers, as in PPOs.
C) PPOs are less expensive plans than HMOs if the employee goes out of the PPO network.
D) HMOs have more in common with traditional fee-for-service plans than do PPOs.
E) Unlike HMOs, payments to PPO physicians are made on a flat salary basis.
G) None of the above
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A) Employers pay much higher premium on HMO than a preferred health care plan.
B) Employers are required to pay higher insurance premium for laid-off workers.
C) Contribution to PGBC to fund the retirement plan increases under this plan.
D) Employees select the kind of benefits they expect to need the most.
E) The employers bear the cost of providing employees with benefits they do not value.
G) D) and E)
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A) Employee Retirement Income Security Act
B) Consolidated Omnibus Budget Reconciliation Act
C) Social Security Act
D) Patient Protection and Affordable Care Act
E) Sarbanes-Oxley Act
G) B) and E)
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