Premium Essay

Hrm/531 Week 2

Submitted By
Words 449
Pages 2
1. Describe three criteria used to qualify pension plans for preferential tax treatment.
I. profit-sharing plan: it refers to any plan in which a portion of the organization’s profits are set aside to get distributed to the employees that undergoes qualification under the plan.
II. money-purchase plan: it entails a plan in which contributions equals the fixed portion of the employee’s income. The employee’s benefits get offered in whatever amount the contributions will provide for them, be it accumulated, or the current one.
III. Stock bonus plan: It entails criteria under which bonuses get paid to the workers as stock shares.
2. Are employees more likely to favor defined contribution plans over defined benefit plans? How about employers? Explain your answer
There is a possibility for the employees to go for the defined contribution plans instead of defined benefit plans. On the other hand, a lot of the employers are likely to go for the defined benefit plans instead of the defined …show more content…
This group of employees usually pays and interest credits under the cash balance plan during their remaining working years, and it possible that it is unlikely to develop into a retirement benefit that equals their projected retirement earnings, as it would be, under the traditional plan of payment. All these aspects are as a result of various design parameters belonging to the new, as well as old plans, together with the types of the grand fathering offerings. Those workers with a certain age, yet working under the same employee tend to get a lower form of benefit accruals of the period of the average pay plan, as compared to the final average pay plan. These features are the ones that render the generic cash balance to be infamous to the older employees within an

Similar Documents

Premium Essay

Hrm 531 Week 2

...HRM 531 WEEK 2 A+ Graded Tutorial Available At: http://hwsoloutions.com/?product=hrm-531-week-2 Visit Our website: http://hwsoloutions.com/ Product Description HRM 531 Week 2 Memorandum To: Traci Goldman, Bradley Stonefield From: Levuris Smith Date: 4/9/2015 Re: Employment Law Compliance Plan This memo will survey employment laws as well as how these laws are applied. I will also study the penalties of noncompliance of the different laws. There are different employment laws an institute must follow to stay in compliance. If these laws are not followed by the business, it can lead to various penalties. There will be three employment acts that I will give you some insight on in the memo. They are as follows: The Occupational Safety and Health Act, The Age Discrimination in Employment Act of 1967, and Fair Labor Standards Act (FLSA). Understanding the acts and how they how are important part to your business venture to keep you from being penalized for not being in compliances with then will hurt you and the company’s reputation. The Occupational Safety and Health Act is administered by the Occupational Safety and Health Administration (OSHA). The Occupational Safety and Health Act is ordered by the Occupational Safety and Health Administration (OSHA). The law was ratified to that businesses provides organizations with a harmless and vigorous work atmosphere. “Every employer covered by the Occupational Safety and Health Administration (OSHA) who has more than 10...

Words: 723 - Pages: 3

Premium Essay

Hrm 531 Week 2

...Week 2 Assignment HRM/531 November 27, 2013 Week 2 Individual Assignment Large Multiple businesses in the U.S find a market for their product in the international market and feel the need to meet the need of the desire for the product. However along with meeting those needs the requirement to have physical presence in those international locations becomes necessary. When making the leap to an international location many things come to mind to be prepared and be aware of compliance issues that may be different from the U.S. be aware of employment laws, and be prepared for the type of cultural differences which may be found in a different country. Compliance Laws India as a country in its entirety uses its main source for employments laws, which is the Constitution of India. Also used amongst the Constitution of India, are labour states, federal, and state governments. India’s laws are governed by the constitution, but laws come down to individual states because each individual state in India may have added judicial guidelines to employment laws. Laws and Non Compliance State Specific Shops and Commercial Establishments Acts (the SEAs); Contract Labour (Regulation & Abolition) Act, 1970 (the CLRA Act); Maternity Benefit Act, 1961 (the MB Act); Payment of Wages Act, 1936 (the PW Act); Minimum Wages Act, 1948 (the MW Act); Payment of Bonus Act, 1965 (the PB Act); Employees’ Compensation Act, 1923 (the ECA); Employees’ State Insurance...

Words: 543 - Pages: 3

Premium Essay

Hrm/531 Week 2

...As the IT manager for a small medical device manufacturing company, I have to let the CEO know if the company need to comply with the request for copyright infringement. Another company’s legal team has made a discovery request under the Federal Rules for Civil procedure (FRCP) e-discovery process. The request is for any and all e-mails related to specific keywords that they have supplied. Either way it will possibly be a loss, if we comply, they might find the copyright infringement, and if we don’t comply, we might have a big fine place upon the company. The CEO will make his decision, after I brief him on the situation. Describe the rules governing the situation On April 12, 2006 (and effective Dec. 1, 2006), the FRCP was asked to explain the process of retrieving, saving and constructing, Electronically Stored Information (ESI) in hope of and in the choice of proceedings. (Berkman Center, n.d.) A stretch of art used in talking over the guidelines is ESI would include emails, PC, voicemail and practically anything storable in electronic format. (Baldwin-Stried, n.d.) Discuss specifically how the rules do or do not apply in this situation Rules 26 and 34 of the Federal Rules of Civil Procedure (which regulate the production of evidence in litigation) are the acute rules leading the finding of electronic information. Rule 26 and 34 let us know that electronic information is for broad finding, but offers protections for those who required it. (Berkman Center, n.d.) Rule 26, General...

Words: 1012 - Pages: 5

Premium Essay

Hrm/531 Week 2

...When looking at the benefits of getting task done with efficiently by spending a little more and get a great product. I should not allow other person’s behavior determines my compassion and I should not be entitled to perks and privilege of the leader. I should expect great things for the organization as a hold with my leadership abilities. I should not allow for my flaws to overshadow me and to receive constructive criticism well and learn from it in order that I might more productive. A step to mitigate my vice is to not let my heart get harden. Sometimes when I feel like I am doing majority of the work instead of it been equally portioned, I become angry about the situation. This will lead me to think I deserve more for the pay because I am doing more of the work. I will start this process of reduction of a hard heart by discussing each staff’s duties with them so there will be no misunderstanding. During this time the opportunity for the staff to identify if additional training is needed to do his/her duties. An evaluation process will be established after 3 months to assess the progress of accomplishing goals/ task. At this time if the staff personnel are not up to standards for the organization, this individual will get a written warning. The written warning would address the next follow up with in 1 month would possible be grounds for termination if not progress is identified. 3. My core values reflect a balance between self and others. I like to work...

Words: 539 - Pages: 3

Premium Essay

Hrm/531 Week 2

...CONTRACT ANALYSIS 2 Upon reviewing the facts outlined in the Contract Analysis Case Study I would not continue to conduct business with Marshal. He has demonstrated character flaws and poor business practices to such a point that I do not feel comfortable continuing to do business with him. Besides the fact that he is frequently late making payments within the required 30 day time period, he fraudulently entered into a requirements agreement with a part-time employee that lacks the power to bind my company in contract. By electing to stop doing business with Marshal it is possible that he will bring legal action against my company. He may claim that my son failed to cancel the contract within a reasonable period of time after reaching the age of 18 and that the contract is now considered ratified, binding, and enforceable (Stim, 2011). He may also argue that the agreement was made in good faith as it would benefit both his health food business and my company. Furthermore, he may argue that...

Words: 1078 - Pages: 5

Premium Essay

Hrm 531 Week 2 Assignment

...I schedule personal time and make sure that I take the time with my family for special events and vacations. These are included in my schedule as early as possible so that I can work around them when planning my other engagements. I also do the same thing with important work dates. To the best of my abilities, I schedule my personal events around the important work dates. The Be Proactive category was one of my three lowest scoring categories. Being proactive for me means that you are not waiting for things to happen to you. You can make choices that will affect the outcomes in almost any situation. However, being proactive also takes energy and initiative. Looking back I can see that I allow myself to play the victim in some situations and am not as proactive as I could be. Being more proactive would allow me to shape the outcomes in some additional work situations. Another area where I could improve is the Put First Things First category. As a leader, if I do not consistently set and reinforce priorities I may send mixed messages to my staff and increase confusion. I may be letting the small, non-urgent items derail the effectiveness of my department. Determining my departmental priorities will allow me to more clearly communicate to my staff and will assist the entire group in working together to achieve shared goals. Putting First Things First goes hand in hand with my lowest scoring category, Begin with the End in Mind. Setting a clear goal that can be effectively...

Words: 588 - Pages: 3

Premium Essay

Hrm/531 Week 2 Quiz

...rapidly changing science with unprecedented discoveries in the past decades. Which of the following statements of the patient requires further teaching by the nurse on the basics of genomics? A. In the genome sequences, alterations in the DNA sequence are called single nucleotide poymorphisms (SNPs) and they occur when a single nucleotide (A, T, G, or C) is broken. B. There are many variations in genetic sequences that may play a role in differences in health. C. An estimated 1.42 million SNPs have been identified in the human genome. D. Not a single, specific SNP has been evaluated in patients with myeloma for risk detection of the disease. ANSWER: D (There are a few SNPs that have been linked to a higher risk of developing myeloma) 2. Which of the following statements are false regarding the use of genomic data during myeloma-related treatment decision making? SELECT ALL THAT APPLY: A. The use of genomic data during myeloma treatment decision making is widely variable from practice to practice. B. Academic-based practice are more likely to use genomic data than private practices during myeloma treatment decision making. C. Community-based practices lag behind in adapting genomic-based myeloma treatment decisions. D. Myeloma genomic data are not mature enough for translation to practice. ANSWER: B, C, D (Rationale: B and C have no research data to support those statements; D is false because Mayo Clinic has already implemented the mSMART protocol to all their clinic sites...

Words: 349 - Pages: 2

Free Essay

Hrm 531 Week 2 Memo

...MEMORANDOM TO: Bradley Stonefield, Owner FROM: Chris Weeks DATE: October 6, 2013 SUBJECT: Employment Law Compliance Plan The following memo will cover some federal and state employment laws and the consequences for noncompliance of those laws. The U.S. Department of Transportation has minimum set of requirements for those operating a limo service. Drivers cannot drive more than 10 consecutive hours. Drivers must perform vehicle safety inspections and sign a vehicle maintenance log before each trip. Drivers must have a current valid state driver’s license and a list of any violations on file with the company. Drivers must have a minimum Class C state driver’s license with passenger endorsement. Drivers must also complete and pass drug and alcohol testing prior to employment and undergo random testing thereafter (Federal Limousine Service Regulations). Drivers must maintain a clean driving record and must be insurable under the company’s liability insurance policy. In Austin, Texas in order for an employee to drive a limo they must apply for a Chauffeur license permit. The permit will require background, license and traffic violations checks. A copy of the employee’s criminal history and driving record must be certified by Texas Department of Safety. Texas state law requires the employee to carry a license and provide on demand. Not carrying a license can result in a fine not to exceed $200, subsequent fines and jail time for second and third violations. Limousine...

Words: 522 - Pages: 3

Premium Essay

Hrm 531 Week 2 Assignment

...For starters managment, I see it as someone who has a script that falls under a certain job criteria. On the other hand a manager can be helpful to keep in track a team or new member in order to demonstrate the guidelines on how to complete certain tasks the job requires. Despite a manager having a diversity of requirements to fulfill, managers are chosen by a higher rank position regarding to their performance.test. etc, Thus, managers have the tendency of being top of his/her crew to get the job done in order to maintain their manager job. For instance currently, I work in Panda Express in Stonestown, I feel that my manager doesn't care about our concerns on how to improve our working conditions. Since she believes we have no place to let her know about our concerns, however if a manager from a different store or a superior rank mentions a chance, she would take action immediately. However, leadership is completely different from management in a various ways. For instance a leader is someone who decides to take action of a certain situation in order to bring clarity towards a situation. Additionally, leaders don’t follow a script of how to react towards their surroundings, leaders listen to their community in order to involve everyone to take part of the decisions. For instance, I remember in my Health class in my sophomore year my group had complete confusing of how to approach a community mapping final presentation. I approach the situation by talking to my group in order...

Words: 1036 - Pages: 5

Premium Essay

Hrm 531 Week 2 Knowledge Check

...HRM 531 Week 2 Quiz Correct answer in capital letter 1. At a comprehensive point of view, a(n) _____ includes anything an employee values and desires that an employer is able and willing to offer in exchange for employee contributions. a. competency-based pay system b. employee stock ownership plan C. organizational reward system d. merit-pay method Organizational reward systems include both financial and nonfinancial rewards for employee contributions. 2. ___________ bridge the gap between organizational objectives and individual expectations and aspirations. a. Financial systems b. Corporate compensation systems c. Employment practices D. Rewards Organizational reward systems and compensation systems design involves working out tradeoffs among somewhat seriously-conflicting objectives. 3. Reviews of both laboratory and field tests of _____________ are quite consistent. Individuals tend to follow the equity norm and to use it as a basis for distributing rewards. A. equity theory b. the external labor market c. organizational needs d. the internal labor market Pay systems must be seen as adequate and equitable if they are to accomplish the objectives that management sets for them. 4. In labor economics, __________________ theory holds that unless an employee can produce a value equal to the value received in wages, it will not be worthwhile to hire that worker. A. the marginal productivity b...

Words: 1329 - Pages: 6

Free Essay

Hrm 531 Week 2 Labor Laws and Unions

...HRM 531 Week 2 Labor Laws and Unions http://hwguiders.com/downloads/hrm-531-week-2-labor-laws-unions/ HRM 531 Week 2 Labor Laws and Unions HRM 531 Week 2 Labor Laws and Unions http://hwguiders.com/downloads/hrm-531-week-2-labor-laws-unions/ HRM 531 Week 2 Labor Laws and Unions HRM 531 Week 2 Labor Laws and Unions http://hwguiders.com/downloads/hrm-531-week-2-labor-laws-unions/ HRM 531 Week 2 Labor Laws and Unions HRM 531 Week 2 Labor Laws and Unions http://hwguiders.com/downloads/hrm-531-week-2-labor-laws-unions/ HRM 531 Week 2 Labor Laws and Unions HRM 531 Week 2 Labor Laws and Unions http://hwguiders.com/downloads/hrm-531-week-2-labor-laws-unions/ HRM 531 Week 2 Labor Laws and Unions HRM 531 Week 2 Labor Laws and Unions http://hwguiders.com/downloads/hrm-531-week-2-labor-laws-unions/ HRM 531 Week 2 Labor Laws and Unions HRM 531 Week 2 Labor Laws and Unions http://hwguiders.com/downloads/hrm-531-week-2-labor-laws-unions/ HRM 531 Week 2 Labor Laws and Unions HRM 531 Week 2 Labor Laws and Unions http://hwguiders.com/downloads/hrm-531-week-2-labor-laws-unions/ HRM 531 Week 2 Labor Laws and Unions HRM 531 Week 2 Labor Laws and Unions http://hwguiders.com/downloads/hrm-531-week-2-labor-laws-unions/ HRM 531 Week 2 Labor Laws and Unions HRM 531 Week 2 Labor Laws and Unions http://hwguiders.com/downloads/hrm-531-week-2-labor-laws-unions/ HRM 531 Week 2 Labor Laws and Unions HRM 531 Week 2 Labor Laws and Unions http://hwguiders...

Words: 756 - Pages: 4

Premium Essay

Hrm 531 Week 2 Learning Team Reflection

...Week Two Learning Team Reflection HRM / 531 Team C has chosen to go with the small business, we have come up with principles and strategies that would apply to Mr. Stonefield Limousine Company. Whether it is a small or large business entity our team agrees that every employer should be familiar with the employment laws and regulations which also vary from state to state. It is our team recommendation that the business should make it a priority to stay in compliance. Since Mr Stonefield business will be operating in Austin, Texas he needs to make certain that he is with compliance with Texas state employment laws and Federal laws regulations. We will be addressing a list of laws that we feel that are very important for Mr. Stonefield Limousine service. Title VII The main federal statute prohibiting job discrimination is Title VII of the Civil Rights Act of 1964. Title VII prohibits discrimination by an employer against any individual with respect to his or her compensation, terms, conditions, or privileges of employment, based upon that individual’s race, color, religion, sex, or national origin. Under Title VII then, employers cannot use any of these factors in determining whether to hire or not to hire a certain applicant. ("Employers Guide To General Employment Law", 2008). The Americans with Disabilities Act (“ADA”) makes it unlawful for an employer to: 1. Limit, segregate, or classify an applicant or employee in a way that adversely affects the opportunities...

Words: 1056 - Pages: 5

Premium Essay

Hrm 531 Week 2 Individual Assignment

...In 2011, I was a recent graduate and working at a job that offered me the potential of long term employment. Ironically, I experienced several life changing events during this time. I had been working for this company since 2010, which was my main source of income. This company was going through a downsize in 2011 and I was affected by it. I was switched to a different position within the company and my hours were abruptly cut to less than 30 hours per week. This happen during the same time period I became a newlywed and relocated. Furthermore, there was a mix up with where my mail was being delivered. Some of my mail, including my student loans were being delivered to a previous address. I was unaware that my student loans had become delinquent. I was made aware of this by means of my college contacting me. I then immediately took action and contacted my loan providers when I found out I had a lapse in payment. I explained the situation to the loan providers and was granted a forbearance due to my hardship....

Words: 512 - Pages: 3

Premium Essay

Hrm 531 Week 2 Case Study

...After reviewing the two developmental options that Anna could take, I believe option #2 would be the best choice for her at this point in her career. Being the manager for the organization, I have identified Anna as a star in our organization regarding the Nine-Box method. I see her as someone who has high potential to take my job in the future and perform at a high level. Succession planning will be key for her and the organization to identify and cultivate employees to be ready to take on the next role. By sending Anna to option #2, it will demonstrate how much the organization values her and what she does for the organization. She will be able to see her family in San Francisco that she hasn’t seen for a long time, and we are willing to have her miss a few days of work to garner all the benefits that the conference will provide. Next, the training will not only benefit her presently, but also long into the future. The topic something Anna could use now and it could potentially increase her performance by $1,000 a year for the next 5 years which totals $5,000. Option #1 is an event I will already be attending myself as well as increase her performance by $1,500 for the next 3 years, which only totals $4,500....

Words: 667 - Pages: 3

Premium Essay

Hrm 531 Week 2 Individual Assignment

...1. According to the personality assessment portion of the TypeFocus Database, the three letters describing my personality type are ESTJ. 2. Given that the three letters describing my personality are ESTJ, the general description for my individuality states; one who is logical and pays great attention to detail so that a particular goal or task is met or completed. Apart from being disciplined towards a goal and wanting those goals to become a reality, individuals possessing a personality described by the letters ESTJ are also great leaders, given that they work well with others and have the ability to communicate their ideas and plans when working together with others in a group. 3. According to the TypeFocus Database, the Summary of careers for my personality type is careers...

Words: 1078 - Pages: 5