CEBS GBA 1: Assignment 1 Questions
With Correct Marking Scheme
/ Broadview of employee benefits - Answer-any form of compensation other than dirext
wages paid to employees. includes gov required benefits and private plans. employers
share of soc security tax, paid vacation and pension plans.
/.narrow view of employee benefits - Answer-any type of plan sponsored or initiated
unilaterally or jointly by employers and employees engaged in provideng benefits that
result from the employment relationship that are not underwritten or paid directly by the
gov
/.how many categories of benefits fall under the broad view of employee benefits? -
Answer-5
/.Name the 5 categories of benefits fall under the broad view of employee benefits -
Answer-1. legally required benefits
2. Payments for time not worked
3. employers share of medical and medically related benegits
4. employers share of retirement and savings plan payments
5. misc benefits like employee discounts, severance pay and education expenditures.
/.why do firms have established employee benefit plans - Answer-1. to attract top talent
2. retain employees
3. belief that good plans will foster efficiency , productivity and better morale
/.describe the 1948 national labor relations board ruling against Inland Steel - Answer-
the duty to bargain in good faith over wages also included insurance and fringes such
as pension benefits.
/.describe the WW Cross and Co case - Answer-NLRB rules that wages included a
health and accident plan
/.explain the Taft Hartley Act - Answer-related to employee benefit planning. it is the
framework for good faith collective bargaining over wages, hours, conditions and terms
of employment and employee benefits. works along with the Internal Revenue Code to
establish the distinction between retirement benefits and welfare benefits.
also provides the regulatory framework for administration of these benefits in a
collective bargaining agreement.
/.what is the Taft Hartley act also known as - Answer-the Labor Managment Relations
Act
, /.Which act is the legislative basis on which jointly trusteed benefit plans are founded? -
Answer-Taft Hartley Act also known as the Labor Management Relations Act
/.Why is insurance coverage provided as an employee benefit? - Answer-Employment
based insurance is convenient for employees. they dont have to search for individual
insurance and it is less expensive.
providers and suppliers find it more convenient and simpler to communicate and market
employee benefits through an employer
/.where should the design of an employee benefit begin? - Answer-It starts with setting
overall objecties from the standpoint of the employer and the employees
/.what are the key questions that should be addressed with setting benefit objectives -
Answer-1. what benefits should be provided?"
2. who should be covered by the plan?
3. should employees have benefit options?
4. how should the plan be financed?
5. how should the plan be administered?
6. how should the benefit plan be communicated?
/.describe the functional approach to benefit planning? - Answer-the application of a
systematic method of analysis to an employers total employee benefits program
looks at the organizations employee benefit program as coordinated. has ability to meet
various needs and to manage loss exposures within the employers overall
compensation goals and cost parameters.
/.why is the functional approach thought to be good for planning designing and
adminstering employee benefits - Answer-1. benefits are a big part of total employee
conpensation
2. they are a tax effective way of compesating employees
3. they are a large item of labor cost for employers thus good planning is important to
avoid waste.
4. when benefits are done piecemeal and not coordinated, there are gaps and overlap
5. systematic approaches keep the plan current, competitive and compliant
6. allows for proper benefit integration
/.what are some of the elements that an employer should try to balance in its
compensation system? - Answer-1. basic cash wages and salary
2. current incentive compensation
3. employee benefits
/.3 types of total compensation/benefits policies that an employer could adopt - Answer-
1. follow the company's own prevailing compensation/benefits level in their firms
industry or community or both
2. high comp/benefits policies attempt to attract higher levels of managment, technical
and general employee talent
With Correct Marking Scheme
/ Broadview of employee benefits - Answer-any form of compensation other than dirext
wages paid to employees. includes gov required benefits and private plans. employers
share of soc security tax, paid vacation and pension plans.
/.narrow view of employee benefits - Answer-any type of plan sponsored or initiated
unilaterally or jointly by employers and employees engaged in provideng benefits that
result from the employment relationship that are not underwritten or paid directly by the
gov
/.how many categories of benefits fall under the broad view of employee benefits? -
Answer-5
/.Name the 5 categories of benefits fall under the broad view of employee benefits -
Answer-1. legally required benefits
2. Payments for time not worked
3. employers share of medical and medically related benegits
4. employers share of retirement and savings plan payments
5. misc benefits like employee discounts, severance pay and education expenditures.
/.why do firms have established employee benefit plans - Answer-1. to attract top talent
2. retain employees
3. belief that good plans will foster efficiency , productivity and better morale
/.describe the 1948 national labor relations board ruling against Inland Steel - Answer-
the duty to bargain in good faith over wages also included insurance and fringes such
as pension benefits.
/.describe the WW Cross and Co case - Answer-NLRB rules that wages included a
health and accident plan
/.explain the Taft Hartley Act - Answer-related to employee benefit planning. it is the
framework for good faith collective bargaining over wages, hours, conditions and terms
of employment and employee benefits. works along with the Internal Revenue Code to
establish the distinction between retirement benefits and welfare benefits.
also provides the regulatory framework for administration of these benefits in a
collective bargaining agreement.
/.what is the Taft Hartley act also known as - Answer-the Labor Managment Relations
Act
, /.Which act is the legislative basis on which jointly trusteed benefit plans are founded? -
Answer-Taft Hartley Act also known as the Labor Management Relations Act
/.Why is insurance coverage provided as an employee benefit? - Answer-Employment
based insurance is convenient for employees. they dont have to search for individual
insurance and it is less expensive.
providers and suppliers find it more convenient and simpler to communicate and market
employee benefits through an employer
/.where should the design of an employee benefit begin? - Answer-It starts with setting
overall objecties from the standpoint of the employer and the employees
/.what are the key questions that should be addressed with setting benefit objectives -
Answer-1. what benefits should be provided?"
2. who should be covered by the plan?
3. should employees have benefit options?
4. how should the plan be financed?
5. how should the plan be administered?
6. how should the benefit plan be communicated?
/.describe the functional approach to benefit planning? - Answer-the application of a
systematic method of analysis to an employers total employee benefits program
looks at the organizations employee benefit program as coordinated. has ability to meet
various needs and to manage loss exposures within the employers overall
compensation goals and cost parameters.
/.why is the functional approach thought to be good for planning designing and
adminstering employee benefits - Answer-1. benefits are a big part of total employee
conpensation
2. they are a tax effective way of compesating employees
3. they are a large item of labor cost for employers thus good planning is important to
avoid waste.
4. when benefits are done piecemeal and not coordinated, there are gaps and overlap
5. systematic approaches keep the plan current, competitive and compliant
6. allows for proper benefit integration
/.what are some of the elements that an employer should try to balance in its
compensation system? - Answer-1. basic cash wages and salary
2. current incentive compensation
3. employee benefits
/.3 types of total compensation/benefits policies that an employer could adopt - Answer-
1. follow the company's own prevailing compensation/benefits level in their firms
industry or community or both
2. high comp/benefits policies attempt to attract higher levels of managment, technical
and general employee talent
