RMI 3501 Chapter Notes - Chapter 1: Life Insurance, Managed Care, Financial Plan

• School: Temple University
• Department: Risk Management and Insurance
• Course: RMI 3501
• Professor: drennan

Document Summary

Ee benefits can be defined as the er-provided benefits for situations involving death, accident, sickness, retirement, or unemployment. A broad definition of ee benefits includes all benefits and services, other than wages for time worked, that ee receive from ers. Legall(cid:455) (cid:396)e(cid:395)ui(cid:396)ed pa(cid:455)(cid:373)e(cid:374)ts fo(cid:396) go(cid:448)"t p(cid:396)og(cid:396)a(cid:373)s (cid:894)i(cid:374)(cid:272)ludi(cid:374)g er (cid:272)o(cid:374)t(cid:396)i(cid:271)utio(cid:374)s(cid:895) So(cid:272)ial se(cid:272)u(cid:396)it(cid:455), medi(cid:272)a(cid:396)e, u(cid:374)e(cid:373)plo(cid:455)(cid:373)e(cid:374)t, (cid:449)o(cid:396)ke(cid:396)s" (cid:272)o(cid:373)p. , a(cid:374)d std insurance. Payments for private insurance and retirement plans. Oasdi, health insurance, ltd, dental, vision, and death. Payments or other benefit for time not worked. Vacation/sick/personal days, holidays, maternity/paternity leave, military leave. Extra cash payments other than wages and bonuses to ee. Employee discounts, wellness programs, daycare programs, financial planning programs, retirement counseling, and free parking. Significance of group benefits: us chamber of commerce. Found in study that the avg. payment by private industry er for ee benefits was equal to 29. 6% of payroll. 8. 3% went to er share of required social insurance programs. 3. 7% went to private retirement and sharing plans.