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Chapter 13, 14, 15, 16, 18 Exam 3

Terms in this set (43)

Employee Retirement Income Security Act (ERISA)
the principal federal law regulating benefit plans.
Pension plans
plans designed to provide retirement income to employees or to otherwise defer income until after employment ends
Welfare plans
any benefit plans covered by ERISA that are not pension plans
Preemption
The right of a federal law or a regulation to preclude enforcement of a state or local law or regulation.
Summary Plan Description (SPD)
Important documents that accurately inform employees about their rights and obligations.
Abuse of Discretion
A standard used to determine if plan administrators abused their discretion by making decisions in an arbitrary and capricious manner
Appeals procedures
A procedure for appealing adverse benefit determinations.
Fiduciary
Anyone who exercises discretionary authority or control over the administration of a benefit plan or its funds.
Fiduciary Duty
A number of important responsibility held by the people or entities that control and manage benefit plans.
Vesting
The acquiring of a nonforfeitable right to receive a pension by an employee covered under a pension plan, after a specified number of years of service.
Participation
Involvement in the enforcement of an anti-discrimination law such as by filing a charge bringing a lawsuit giving testimony and assisting in the investigation of a discrimination charge
Defined benefit plan
A plan that promises a specific pension benefit upon retirement
Pension Benefit Guaranty Corporation (PBGC)
A corporation that intervenes when the employer is unable to meet its obligations to retirees.
Pension Protection Act of 2006
An act having the key objective of placing defined benefit plans on firmer financial footing.
Defined contribution plan
Plans in which employers establish and define what their own contributions if any will be but make no promises regarding the eventual payout to employees
Presumption of prudence
A practice which companies that offer their own stock as an investment option when the documents of the defined contribution plan call for that will generally be deemed to have acted prudently, even if there are problems with the stock.
Patient Protection and Affordable Care Act (PPACA)
A law intended to ensure that most Americans will have adequate health insurance coverage.
Grandfathered
Plans that existed prior to enactment of the PPACA and no significant changes resulting in reduced benefits or increased cost to plan beneficiaries were made to the plans.
Consolidated Omnibus Budget Reconciliation Act (COBRA)
An act that requires that employers who have group health insurance plans and at least twenty employees offer continuation coverage to employees (and other beneficiaries if there is family coverage) who experience qualifying events that would otherwise cause the loss of their health insurance.
Qualifying events
Circumstances under which eligible employees are entitled to take FMLA leave.
Older Workers Benefit Protection Act (OWBPA)
An act permitting employers to provide less extensive coverage for older workers so long as the amount spent to providing those benefits to other workers.
Health Insurance Portability and Accountability Act (HIPAA)
An Act that restricts but does not eliminate the use of preexisting condition exclusions y health plans.
Health factor
it is defined broadly to include the health status, medical condition, claims experience, receipt of health care, medical history, genetic information, evidence of insurability, or disability of an employee or dependent
Pre-existing condition exclusions
periods of time for which a health plan would not cover the treatment of conditions pre-dating enrollment in the plan
Wellness programs
Programs intended to lower health insurance costs by keeping employees healthier can run afoul of HIPAA's nondiscrimination requirements insofar as they often tie financial incentives or penalties to achievement of health-related goals (e.g. reduced premiums contingent on smoking cessation or weight loss).
Mental Health Parity and Addiction Equity Act
An act which requires that employers with fifty or more employees that choose to cover mental health and substance abuse treatment at all must do so at the same level and under the same terms as medical and surgical treatments.
Collective Bargaining
The institution which recognizes the value of employees banding together to deal with their employers and the fact that the desires of employees and employers sometimes clash.
Labor Union
Organizations of employees that represent employees in their dealings with employers.
Labor Agreement
Contract specifying the wages and many other terms and conditions of employment for the employees they represent.
National Labor Relations Act (NLRA)
The principal federal law concerning self-organization and collective bargaining by private sector employees.
National Labor Relations Board
The agency that administers the NLRA, including holding elections to determine whether employees desire union representation ad determining whether unfair labor practices (ULPs) have been committed.
Railway Labor Act (RLA)
A federal labor law that governs collective bargaining in the highly unionized railroad and airline industries.
National Mediation Board (NMB)
The agency that administers RLA.
Civil Service Reform Act (CSRA)
The act that governs collective bargaining by federal government employees
Federal Labor Relations Authority (FLRA)
The authority that oversees collective bargaining by federal government employees
Supervisor
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Concerted activity
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Unfair labor practices (ULPs)
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Labor Organization
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Representation Elections
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Appropriate Bargaining Unit
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Authorization Cards
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Decertification election
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