Compensation and Benefits Flashcards
7 cards from real PHR practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Compensation and Benefits flashcards as text
The Equal Pay Act of 1963 prohibits pay differences based on sex for jobs requiring equal skill, effort, responsibility, and:
Answer: Working conditions
The Equal Pay Act compares jobs on skill, effort, responsibility, and working conditions.
Which defined benefit pension plan funding insurance is provided by a federal agency?
Answer: PBGC
The Pension Benefit Guaranty Corporation (PBGC) insures defined benefit pension plans.
A 401(k) plan that automatically passes nondiscrimination testing by meeting minimum contribution and vesting requirements is called a:
Answer: Safe harbor plan
Safe harbor 401(k) plans avoid ADP/ACP testing by satisfying set contribution and vesting rules.
Point-factor job evaluation is an example of which type of evaluation method?
Answer: Quantitative
Point-factor assigns numeric points to compensable factors, making it a quantitative method.
Which incentive plan pays employees a share of cost savings achieved through improved productivity, often via the Scanlon or Rucker formula?
Answer: Gainsharing
Gainsharing rewards groups for productivity gains and cost savings using formulas like Scanlon and Rucker.
An employee benefit that allows pre-tax dollars to be set aside for qualified medical expenses, with a 'use-it-or-lose-it' rule, is a:
Answer: Flexible Spending Account (FSA)
FSAs use pre-tax dollars for medical expenses and generally forfeit unused funds at year-end.
The minimum standards for participation, vesting, and fiduciary conduct in private retirement plans are set by:
Answer: ERISA
ERISA establishes participation, vesting, funding, and fiduciary standards for private benefit plans.