Course

Course Summary

Credit Type:

Course

ACE ID:

ICS-0200

Organization's ID:

HRM320

Organization:

Penn Foster College

Location:

Classroom-based

Length:

Self-paced (52 weeks)

Dates Offered:

Credit Recommendation & Competencies

Level	Credits (SH)	Subject
Upper-Division Baccalaureate	3	Employee Benefits and Compensation

Description

Objective:

The course objective is to introduce the student to the many different elements that comprise employee benefits. The knowledge the students gain from this course will not only help in their careers as benefit specialists, but also understand the history and the many governmental issues concerning benefit programs today. Upon completion of the Employee Benefits course, the student will have gained an understanding of the total employee benefit planning process.

Learning Outcomes:

Describe the legally required social insurance programs for employees in the United States, including Social Security, Medicare, unemployment insurance, temporary disability insurance, and workers' compensation insurance
Distinguish between the characteristics of group insurance and individual insurance in the categories of life, medical, dental, and disability
Compare managed care plans with traditional medical expense plans
Explain the difference in pension benefit formulas and how those formulas are used to meet the needs of the employer and employee
Define employee benefits
Summarize the general requirements that must be met by qualified pension plans with respect to eligibility and plan coverage, nondiscrimination in benefits and contributions, funding, vesting, limitations on benefits and contributions, payout restrictions, and top-heavy rules
Describe the general features of pension funding instruments and explain when each might best be used
Interpret the difference between qualified and nonqualified pension plans.