Employers and employees
Question 1
The Omnibus Budget Reconciliation Act was implemented to give workers and their families the ability to continue receiving health coverage even after job loss which is either voluntary or involuntary, divorce, death, job transition, or reduction in working hours. The health coverage benefits are received from the group health plan which is sponsored by employers.
Question 2
Workers’ compensation refers to medical benefits or wage replacement offered to employees who are injured as they work and in return, they have to renounce any rights to sue their employers for negligence. Common features of compensation laws advocate for the provision of a safe workplace and benefits are also provided for the families of the injured employee.
Question 3
Employers can enact several measures to increase management control and reduce health costs. These measures include encouraging pharmacy strategies that will reduce spending on some expensive drugs or find alternatives for them, offering integrated well-being programs such that employers encourage a healthy lifestyle, and initiating purchasing coalitions to negotiate rates.
Question 4
Current trends that are shaping the future healthcare coverage include reducing healthcare costs by encouraging generic drugs, integration of data analytics which will monitor health insurance utilization by the employees. Additionally, employers and employees have a wide scope of options to choose from when it comes to deciding which insurance company to work with.
Question 5
The Pension Benefit Guaranty Corporation protects and insures retirement benefits and pension plans that are provided by employers in the private sector. PBGC operates and manages two Insurance programs, that is, the single-Employer and the Multiemployer, separately. The PBGC is not funded by the government, premiums are charged to sponsor the pension plans.
Question 6
The Pension Protection Act of 2006 ensures that employees will receive their retirement benefits (Engelhardt, 2011). The Act institutes funding requirements for established retirement benefits and it also reforms any laws that affect the cash balance pension plans and any deferred compensation plans for employees. The Act significantly increases employee contribution to their retirement plans.
Question 7
The four approaches used to express employee benefits and services are medical insurance, life insurance, disability, and retirement plans. Medical insurance covers hospital bills and surgeries. Life insurance provides a death benefit to the beneficiaries of the deceased employee. Disability insurance offers to pay for a prolonged injury. Retirement plans define pension plans.
Question 8
The primary objectives of the design of compensation programs include maintaining the company’s competitive advantage. A competitive advantage is developed if the compensation program aligns with the firm’s strategic plans and actions. The design of compensation programs can be crafted in a way that promotes adherence to corporate values, mission, and vision.
Question 9
Pension funds refer to a benefit plan in which contributions are made by employers or unions. Pension funds are run by a financial intermediary, that is, entities that assume the role of a middleman in financial transactions. These funds are then managed by professional fund managers that are engaged to work for a company.
Question 10
The purpose of the Unemployment Insurance System is to help individuals who have lost their jobs and it does so by providing cash stipends as these individuals continuously look for other jobs. The system also provides certain amounts to families so that they can meet their consumer demands during economic hardships.
Question 11
Many gay or lesbian employees often miss out on employee benefit plans that cover dependents, which in turn creates compensation discrepancies. Therefore, employers will integrate domestic partner benefits for ethical reasons and promote equal pay for equal work. More so, the domestic partner benefits allow non-married individuals to have the same rights as married ones.
Question 12
State laws define requirements for eligibility for unemployment benefits, how much a worker will receive, and the duration. Some of these eligibility demands include a worker must be out of work for reasons other than quitting or being fired, the individual must consistently and actively seek work and the worker must meet the stipulated job tenure requirements and earnings.
Question 13
Employee benefits have grown in recent years because there are numerous advantages that are associated with it. These advantages include that employee benefits increases loyalty, focus and productivity, increased attendance, and improved recruiting as more potential candidates will be attracted to the benefits (Klonoski, 2016). This then offers employers a wider scope of choice.
Lessons learned
Key takeaways that I can assimilate in my job include that I have to be committed to my work in order to reinforce workforce connection. In so doing, I will be able to secure employee benefits, particularly unemployment benefits. I will also ensure that I utilize my health insurance in a conservative way so as to cut on costs (Murphy, 2010). Moreover, I will also seek to advocate for more flexible work arrangements so that my colleagues and I can reduce absenteeism in the workplace when attending to crucial family issues.
References
Engelhardt, G. (2011). The Pension Protection Act of 2006 and Diversification of Employer Stock in Defined Contribution Plans. SSRN Electronic Journal. doi: 10.2139/ssrn.2316945
Klonoski, R. (2016). Defining Employee Benefits: A Managerial Perspective. International Journal Of Human Resource Studies, 6(2), 52. doi: 10.5296/ijhrs.v6i2.9314
Murphy, T. (2010). Benefits and beyond: a comprehensive and strategic approach to retirement, health care, and more. Thousand Oaks, Calif: SAGE Publications.