CEBS: GBA 1, Module 1 Questions & Answers 100% Answered!!
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CEBS: GBA 1,
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CEBS: GBA 1,
Employee Benefits - ANSWERAll forms of financial returns and tangible services and benefits employees receive as apart of an employee relationship
Broad View of Employee Benefits - ANSWERVirtually any form of compensation other than direct wages, including:
1. Employer's share of legally requi...
CEBS: GBA 1, Module 1 Questions & Answers
100% Answered!!
Employee Benefits - ANSWERAll forms of financial returns and tangible services and benefits
employees receive as apart of an employee relationship
Broad View of Employee Benefits - ANSWERVirtually any form of compensation other than direct
wages, including:
1. Employer's share of legally required payments (Social security and medicare, unemployment
insurance and worker's compensation benefits)
2. Payment for time not worked (paid rest periods, paid sick leave, paid vacations, holidays, parental
leave and the like)
3. Employers share of medical and medically related payments
4. Employer's share of retirement and savings plan payments
5. Misc. benefits payments (employee discounts, severance pay, educational expenditures, and
childcare among others)
Collective Bargaining - ANSWERLabor unions have had a historical impact on benefits, through
collective bargaining. In 1948 the National Labor Relations Board (NLRB) ruled in the Inland Steel
case that to bargain over wages included insurance and fringes such as pension benefits. Shortly
after that W. W. Cross & Co. case ruled that wages included a health and accident plan
The Labor Management Relations Act (LMRA) -
Taft-Hartley Act - ANSWERSet forth the framework for various labor relations including employee
benefits. It along with the Internal Revenue Code (IRC) established the distinction between
retirement benefits and welfare benefits, such as life and health insurance.
Limited View of Employee Benefits - ANSWERAny type of plan sponsored or initiate unilaterally or
jointly by employers and employees in providing benefits that stem from the employment
relationship that are not underwritten by or paid for directly by government
Reasons for Growth of Employee Benefits - ANSWER1. Business Reasons
Business Reasons - ANSWERTo attract and retain capable employees; the employers competition may
have benefit plans and it's necessary to have equal or better plans to attract and retain employees.
Favorable Tax Legislation - ANSWER3 Major federal tax advantages associated with employee
benefits are:
1. Most contributions to employee benefit plans by employers are tax deductible as long as they are
reasonable business expenses.
2. With in certain limits these employer contributions are generally not considered income to
employees
3. A certain type of retirement and capital accumulation plans, assets set aside to fund such plans
accumulate tax-free to the employee until distributed
Efficiency of the Employee Benefits Approach - ANSWEREmployment based insurance coverage is
convenient for employees, they do not need to search for individual coverage, and it is often less
expensive. Providers and suppliers find it more convenient and simpler to communicate and market
employee benefits through and employer
Other Factors - ANSWERWages stayed stagnant during WWII and the Korean War due to an
imposition of limitations on the size of wage increases during the time. While wages were frozen,
employee benefits were not. As a result, compensation of employees could increase by provision of
larger benefits. The PPACA.
Group Technique - ANSWEREnables insurance programs such as life and health insurance to name
only two. Based on the group (rather than the individual) as the unit to be insured. The concept that
makes this technique work is a prevent "Adverse Selection".
Adverse Selection - ANSWERto reduce the possibility that less healthy individuals may join a group or
be a larger percentage of the group than anticipated because of the availability of the insurance or
other benefit.
Characteristics of the Group Technique - ANSWERProvides some or all of the following:
1. Only certain groups eligible. While most groups qualify, this requirement is intended to make sure
that the obtaining of insurance is incidental to the group seeking coverage.
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