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Work Benefits Terms and Vocabulary

Work Benefits Terms and Vocabulary

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Work Benefits Terms and Vocabulary

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  1. Work BenefitsTerms and Vocabulary Career Connection The Ohio State University 1640 Neil Avenue, Second Floor Younkin Success Center Columbus, OH 43201-2333 (614) 688-3898

  2. Medical Benefits Dental Benefits Vision Care Benefits Life Insurance Benefits Disability Benefits Bonuses Paid time off Unpaid leave Sick leave Personal leave Bereavement leave Maternity leave Child care Benefits

  3. Insurance Vocabulary • Premium- the amount paid for insurance: monthly, quarterly, semi-annually, yearly • Benefit- amount of money the policy pays • Beneficiary- person, persons, or organizations receiving the benefit • Lump Sum: an option for paying benefits to the beneficiary • Multiple Payment Option: an option for recurring payments of benefits to the beneficiary, payments are called sometimes called annuities • Riders- additional conditions added to the insurance contract providing additional benefits • Term- length of time a policy is effective • Maturity Date- the date the face amount of a policy becomes payable

  4. Other Types of Insurance • Disability: a policy designed to pay benefits if the policy holder becomes disabled with the intent of the beneficiary using the benefits for living and medical costs until the policy holder is able to resume work • Workman’s comp: a public fund designed to pay settlements to injured workers • Long-term care: a policy intended to help pay the high costs of long term care (such as hospital, nursing home, or in-home care) • Medical, Dental, Hearing, Vision

  5. Types of Life Insurance (Note: Life insurance may require a physical before an insurance company will extend coverage) • Short-term: • Insurance that lasts for a specified number of years and no longer • Premiums are usually guaranteed not to increase for the length of the policy • Meets temporary needs (such as child care) • Renewable: some policies may be renewed after the term has expired • Conversion: portions of some policies may be changed over to permanent insurance

  6. Types of Life Insurance Long-term: • Insurance that lasts either for the life of the policy-holder or until the policy-holder attains 100 years of age • Premiums may be paid for a set term or indefinitely

  7. Long-Term/Whole-Life: • May accumulate interest (which can be tax free); may be used as collateral for loans (if the policy holder dies before the loans are paid, the balance is usually deducted from the benefit paid to the beneficiary) • Types: • Fixed- Life insurance policy wherein benefits are worth a set value • Variable- Life insurance policies wherein premiums are invested; the total values of these policies change with the performance of the stock market Types of Life Insurance

  8. Retirement Plans • 457 plan: Retirement plan provided to federal government employees • 401k plan: Retirement plan provided to private sector employees • 403b plan: Retirement plan provided to state employees • IRA: Private retirement plan that individuals contribute to independently • Annuities: Retirement benefits provided through insurance plans

  9. Retirement Plans- Information • Money may be withdrawn: • Termination of employment • In-service withdrawal • If you become permanently disabled • Death of the participating employee • Money withdrawn early may be subject to a heavy tax penalty • Distributions can be received upon retirement: • Early retirement is upon 55th birthday; retirement is upon 65th birthday

  10. Retirement Plans- Vocabulary • Pre-tax contributions- contributions made to a retirement account that are deducted from the paycheck before earnings are subject to income tax • Compounding- when earnings from the retirement contributions are re-invested in the retirement funds • Inflation- increase in the price of goods or services

  11. Discretionary matching- employer contributions to a retirement plan that matches employee contributions up to a certain percentage Vested- to become fully entitled to the contributions your employer has made to your retirement plan, including matching and discretionary contributions, after a certain period of service with the employer Profit-sharing contributions- elective employer contributions to a retirement plan designed to share company profits with employees; a type of incentive program Retirement Plans- Vocabulary

  12. Relocation expenses / cost of living adjustments Severance packages Professional membership dues Tuition reimbursement Education Training programs Desirable office Technology or special equipment (ie- computers) Company car Additional Benefits

  13. Questions to Ask About Benefits • Can (medical/dental/vision) coverage be extended to non-married partners? • What kind of leave am I entitled to if I take time off to care for a sick family member? • Do you offer paternity leave? • How does leave/vacation impact my productivity requirements? • Do you offer any benefits specific/unique to your company?

  14. Additional Resources • •

  15. “If you’re at a place where you’re stuck then that’s called a job… if you’re at a place where you can constantly grow, that’s a career.” Everest Institute