something that improves the profitability or efficiency of an organization or reduces its risk, or any nonmonetary reward given to employees, for example, paid vacations or employer contributions to pensions
Wiktionary Definition for: Benefit
An advantage, help or aid.
A payment made in accordance with an insurance policy or a public assistance scheme.
A performance, etc, given to raise funds for some cause.
This paper uses economic principles to analyze alternative definitions for end-of-period liabilities under post-employment benefit plans; the candidates, using U.S. nomenclature, are the vested benefit obligation VBO, the accumulated benefit obligation ABO and the projected benefit obligation PBO. In competitive employment markets with rational contracting it is not possible to...
When communicating with employees, HR professionals compete against a multitude of messages from both the organization and the outside world. How to reach employees when they are bombarded daily with newsletters, magazines, e-mails, pop-up Intranet ads, and other types of communications? How to get important benefit and compensation messages to...
This paper briefly proposes a different standard for the design of a Medicare benefit: the medical and therapeutic value of the medications covered. Designing a benefit that relates the coverage of prescription drugs to their therapeutic value also has advantages over a benefit targeted only to lower-income. This paper highlights...
Defined benefit pension plan is the employee compensation scheme that guarantees a specific benefit level at the retirement of the employee. The same entails costs to the organization. Length of service and amount of salary are important considerations towards determining an employee’s pension benefits. The paper examines the dynamics and...
Employer-sponsored defined benefit pension plans face unprecedented challenges in the midst of significant changes in the nation's retirement landscape. Many defined benefit plans and the federal agency that insures them, the Pension Benefit Guaranty Corporation PBGC, have accumulated large and growing deficits that threaten their survival. Meanwhile, the percentage of...
Under the traditional approach to defined benefit plans, well-intended disciplinary and regulatory regimes have sought to restrict discretion, reduce uncertainty and risk, and protect workers and employers. Nevertheless the discouraging state of US defined benefit plans indicates that past efforts have gone awry. This paper suggests that a new approach...
The media are neither fair nor accurate when it comes to covering employee benefit issues, according to a new survey of benefit managers. Sixty-one percent of 200 benefit managers surveyed by pollsters Harris Interactive Inc. of New York for the Am The media are...
A death benefit is the payment you receive as a beneficiary of a life insurance policy. The death benefit may be paid as a lump sum or annuity. A death-benefit annuity may include a cost-of-living adjustment COLA to protect against inflation. In most cases, a death benefit is paid monthly....
PHILADELPHIA-As health care costs increase, benefit managers need to review their benefit offerings to ensure they continue to meet corporate goals, a consultant says. Benefit managers need to ``take a look at the big picture,'' and assess whether PHILADELPHIA-As health care costs increase,...
Irvin Mayfield and the New Orleans Jazz Orchestra will perform at Back to Bourbon Street: A Benefit for Hurricane Katrina Victims at the Dodge Theatre in Phoenix at 8 p.m. Saturday to benefit musicians affected by Hurricane Katrina.
The number of defined benefit plans has steadily decreased over the last several years. According to Department of Labor data collected from Form 5500s, 31% of all active plan participants were covered under a defined benefit plan in 1998, down from 63% in 1979. Corporate concerns over funding, high administrative...
Employers are more challenged than ever to get results from both retirement and health care benefit plans. How can organizations get the most out of benefit investments? How can companies help employees make better decisions about their benefits? How can organizations stay on track to meet the challenges of managing...
SCHAUMBURG, Ill.-Motorola Inc. is converting its traditional defined benefit pension plan to a more-flexible hybrid plan. The new pension equity plan will offer faster benefit accruals, benefit portability and a benefit formula that is easier to SCHAUMBURG, Ill.-Motorola Inc. is converting...
Ten to fifteen years ago, the idea of e-commerce - the buying of goods and services on the Internet was completely unknown to the average American. Employee benefits were sponsored by employers and delivered in a traditional paper or voice response election process; voluntary group benefit programs were mainly the...
WASHINGTON, Dec. 21 /U.S. Newswire/ -- Earlier today, the Pension Benefit Guaranty Corporation PBGC released a study demonstrating that 9.4 percent of defined benefit plans had "halted participants' benefit accruals" as of 2003. WASHINGTON, Dec. 21 /U.S. Newswire/ -- Earlier today, the Pension Benefit Guaranty Corporation PBGC released a study...
From the point of view of private-sector employers, it's been a disastrous year for benefit costs. For the year ended March 2003, benefit expenses leaped 6.1 percent, greater than the 4.8 percent jump for the year ending March 2002, according to figures just released by the U.S. Bureau of Labor...
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