Business Law MGMT 321 Question and answers

Business Law MGMT 321 Question and answers Defined Benefit Plan (Pension) - Guaranteed retirement income based on age and length of service Typically non-contributory (funded by employer only) in the private sector Monitored by ERISA - Employee Retirement Income Security Act (1974) -Requires firms to offer retirement plans to employees working 1000 hours in a period of 12 consecutive months if offered to any employees. -Accrued benefits must be paid to departing employees. -Requires minimum funding for IRS approval and purchase of plan termination insurance from the Pension Benefit Guaranty Corporation (PBGC) Still around...but becoming very uncommon Worker's Compensation - Provides security benefits to workers who are injured on the job.