Ba420: Week 6 Assessment

Identify and describe four legally required benefits.

Legally required benefits are Social Security, unemployment compensation, workers’ compensation, and leaves specified under the Family and Medical Leave Act. Social Security is a transfer program, funded by current employees to support workers who are disabled or retired. Social Security also serves as a minimum level of retirement income for most workers employed in the United States. Unemployment compensation provides income continuation to employees who lose a job through no fault of their own. Unemployment compensation typically lasts for 26 weeks. Workers’ compensation provides income continuation for employees who are hurt or disabled on the job; it also provides compensation for work-related deaths or permanent disabilities. Employers covered by the Family and Medical Leave Act are required to provide qualified employees with up to 12 weeks of unpaid leave to care for a new child, their own or family members’ illnesses.

Describe the difference between a defined benefit pension plan and a defined contribution pension plan.

In a defined benefit plan, a specific amount of money, based on an actuarial calculation, is set aside each year in a trust fund for the employees by the employer. The pension payout is typically calculated using a formula that often includes average final compensation and years of service.

With a defined contribution plan, each employee has an individual account to which both the employee and the employer may make contributions. There may be some options on investment choices. Final benefits depend on the outcome of the investments. These plans are growing in popularity, since they offer more flexibility to both employer and employee.

Describe the priorities of OSHA investigations.

OSHA has a five-step priority enforcement process consisting of imminent danger, serious accidents, employee complaints, inspection of targeted industries, and random inspections....