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Glossary of Human Resource Mgmt 11th Ed. Chapter 14

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401(k) plan
Agreement in which a percentage of an employee’s pay is withheld and invested in a tax-deferred account.
Adverse selection
Situation in which only higher-risk employees select and use certain benefits.
Benefit
Indirect reward given to an employee or a group of employees for organizational membership.
Cash balance plan
Retirement program in which benefits are based on an accumulation of annual company contributions, expressed as a percentage of pay, plus interest credited each year.
Co-payment
Strategy requiring employees to pay a portion of the cost of insurance premiums, medical care, and prescription drugs.
Consumer-driven health (CDH) plan
One that provides employer financial contributions to employees to cover their own health-related expenses.
Contributory plan
Pension plan in which the money for pension benefits is paid in by both employees and employers.
Defined-benefit plan
Retirement program in which an employee is promised a pension amount based on age and service.
Defined-contribution plan
Retirement program in which the employer makes an annual payment to an employee’s pension account.
Flexible benefits plan
Program that allows employees to select the benefits they prefer from groups of benefits established by the employer.
Flexible spending accounts
Benefits plans that allow employees to contribute pre-tax dollars to buy certain additional benefits.
Health maintenance organization (HMO)
Plan that provides services for a fixed period on a pre-paid basis.
Managed care
Approaches that monitor and reduce medical costs through restrictions and market system alternatives.
Non-contributory plan
Pension plan in which all the funds for pension benefits are provided by the employer.
Paid-time-off (PTO) plans
Plans that combine all sick leave, vacation time, and holidays into a total number of hours or days that employees can take off with pay.
Pension plan
Retirement program established and funded by the employer and employees.
Portability
A pension plan feature that allows employees to move their pension benefits from one employer to another.
Preferred provider organization (PPO)
A health-care provider that contracts with an employer group to supply health-care services to employees at a competitive rate.
Serious health condition
One requiring in-patient, hospital, hospice, or residential medical care or continuing physician care.
Severance pay
Security benefit voluntarily offered by employers to employees who lose their jobs.
Stock purchase plan
Plan in which the corporation provides matching funds equal to the amount invested by the employee for the purchase of stock in the company.
Utilization review
Audit of the services and costs billed by health-care providers.
Vesting
Right of employees to receive certain benefits from their pension plans.
Well-pay
Extra pay for not taking sick leave.
Workers’ compensation
Security benefits provided to persons injured on the job.

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