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5 Written Questions

5 Matching Questions

  1. 529 plans
  2. Premium sharing
  3. Geographic differential pay
  4. Unweighted average
  5. Merit pay
  1. a Pay based on where an employee works
  2. b Situation where an individual's performance is the basis for either the amount or timing of pay increases; also called performance-based pay
  3. c Raw average of data that gives equal weight to all factors with no regard to individual factors such as the number of incumbents or companies
  4. d Situation in which employee pays a portion of the required monthly premium for health-care coverage
  5. e Qualified tuition plans that provide families a federal tax-free way to save money for college

5 Multiple Choice Questions

  1. Form of defined benefit plan that defines the promised benefit in terms of a hypothetical account balance and features benefit portability
  2. Type of Section 125 plan that allows employees to choose from a menu of benefits and allocate pretax dollars to pay for those benefits
  3. Plan in which participants must use providers in the network of coverage or no payment will be made
  4. Act that requires administrators of defined contribution plans to provide notice of covered blackout periods; provides whistleblower protection for employees
  5. Act that addresses parity between mental health benefits and medical benefits

5 True/False Questions

  1. Top hat planNonqualified deferred compensation plan that provides retirement benefits to select group of management or highly compensated employees


  2. Deferred compensationPay that is received by an employee, including base pay, differential pay, and incentive pay


  3. In loco parentisOccurs when there is only a small difference in pay between employees regardless of their skills, experience, or seniority; also known as salary compression


  4. Qualifying eventUnder the Consolidated Omnibus Budget Reconciliation Act, an event, such as termination for reasons other than gross misconduct, that allows employees to continue their group health-care coverage for a specified period of time


  5. Exempt employeesEmployees covered under FLSA regulations, including overtime pay requirements


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