Exam 10: Employer-Sponsored Retirement Plans and Health Insurance Programs

Provide the definition of defined benefit plans.Then,discuss two reasons for declining participation in defined benefit plan participation.

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Question 1

Correct Answer:

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Companies struggle to fund these plans adequately to ensure that retirees receive entitled benefits for the remainder of their lives.In addition,the Pension Benefit Guaranty Corporation (PBGC)serves as the insurer by taking over pension obligations for companies that terminate their defined benefit plans because of severe financial stress.Companies with defined benefit plans pay premiums to the PBGC to insure defined benefit plans in the event of severe financial distress.The Pension Protection Act requires that companies that are at high risk of not meeting their pension obligations pay substantially more to insure defined benefit plans,adding to the substantial cost.

________ plans refer to pension plans that do not meet at least one of the minimum standard provisions.

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Question 2

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Which one of the following is probably the main reason that health reimbursement accounts (HRAs)are particularly appealing to employees with relatively low salaries or hourly wages?

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(Multiple Choice)

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Question 3

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These represent a series of payments for the life of the participant and beneficiary.

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Question 4

Starting January 1,2004,eligible individuals are allowed to establish HSAs under which law?

(Multiple Choice)

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Question 5

A new employee comes into your office and asks you how many hours a year he has to work to qualify towards his vesting requirements.What would you tell him?

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Question 6

This term refers to the percentage of the health bill the insured employee is required to pay.

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Question 7

This type of consumer driven health care program allows employees to carry-over the unused funds still in their account.

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Question 8

Common HMO copayment amounts for each doctor's visit vary between

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Question 9

________ refers to an employee's nonforfeitable rights to pension benefits.

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Question 10

A company uses graduated first-dollar-of-profits formula for their profit-sharing plans.They choose to share 4% of the first $10 million of after-tax profits and 7% of the after-tax profits in excess of that level.If this company's after-tax profit were $15 million last year,how much of this profit would be distributed to the employees?

(Multiple Choice)

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Question 11

Which of the following is NOT a benefit covered by fee-for-service plans?

(Multiple Choice)

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Question 12

According to ________ Act of 2008,a plan must calculate only one deductible for treatment related substance use disorders and medical or surgical benefits.

(Short Answer)

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Question 13

What specifies the rate at which participants accumulate benefits?

(Multiple Choice)

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Question 14

Companies establish retirement plans following which of these three design configurations?

(Multiple Choice)

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Question 15

Which of the following is associated with 401(k)plans?

(Multiple Choice)

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Question 16

________ accounts allow employees to pay for specified health care costs not covered by an employer's insurance plan.

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Question 17

________ physicians determine when patients need the care of specialists and help to control costs by reducing the number of unnecessary visits to specialists.

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Question 18

This type of defined contribution plan,also known as a CODA,permits only private sector or tax-exempt employers' employees to tax defer part of their compensation to the trust of a qualified plan.

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Question 19

What are the two types of fee-for-service plans?

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Question 20

Showing 1 - 20 of 43

Provide the definition of defined benefit plans.Then,discuss two reasons for declining participation in defined benefit plan participation.

________ plans refer to pension plans that do not meet at least one of the minimum standard provisions.

Which one of the following is probably the main reason that health reimbursement accounts (HRAs)are particularly appealing to employees with relatively low salaries or hourly wages?

These represent a series of payments for the life of the participant and beneficiary.

Starting January 1,2004,eligible individuals are allowed to establish HSAs under which law?

A new employee comes into your office and asks you how many hours a year he has to work to qualify towards his vesting requirements.What would you tell him?

This term refers to the percentage of the health bill the insured employee is required to pay.

This type of consumer driven health care program allows employees to carry-over the unused funds still in their account.

Common HMO copayment amounts for each doctor's visit vary between

________ refers to an employee's nonforfeitable rights to pension benefits.

Which of the following is NOT a benefit covered by fee-for-service plans?

According to ________ Act of 2008,a plan must calculate only one deductible for treatment related substance use disorders and medical or surgical benefits.

What specifies the rate at which participants accumulate benefits?

Companies establish retirement plans following which of these three design configurations?

Which of the following is associated with 401(k)plans?

________ accounts allow employees to pay for specified health care costs not covered by an employer's insurance plan.

________ physicians determine when patients need the care of specialists and help to control costs by reducing the number of unnecessary visits to specialists.

This type of defined contribution plan,also known as a CODA,permits only private sector or tax-exempt employers' employees to tax defer part of their compensation to the trust of a qualified plan.

What are the two types of fee-for-service plans?

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