Pension Plans, Overtime Pay, Basic Wages & Deferred Pay
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1. What are four safeguards that the ERISA legislation specified to address the many obstacles employees faced with pension plan funding? How did the Pension Protection Act add additional requirements to the protection of these plans?
2. Why has weighted deferred wage increase averages continued to fall since the 1990s? What is your opinion on the fact that unions had little in the way of bargaining successes in this new era of hard times for labor?
3. What are the standard rules of overtime pay? Provide examples of why it is not always simple to administer. Address issues such as double pay, pyramiding, compulsory overtime, and fair distribution.
4. What is the concept of comparative norm in determining the basic wage rate? Why there are limitations to this approach? What has led companies to grant various forms of individual treatment to companies?
Sloane, A. A., & Witney, F. (2010). Labor relations (13th ed.). Upper Saddle River, NJ: Prentice Hall.
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Solution Summary
This detailed solution discusses the four safeguards that the ERISA legislation specifies to address obstacles employees face with pension plan funding, and how the Pension Protection Act added additional requirements. It discusses why the weighted deferred wage increase averages have continued to fall since the '90s. It gives the standard rules for overtime, with examples, and explains the concept of comparative norm in determining basic wage. APA formatted references are included.
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1. What are four safeguards that the ERISA legislation specified to address the many obstacles employees faced with pension plan funding? How did the Pension Protection Act add additional requirements to the protection of these plans?
The ERISA legislation specifies "minimum standards for retirement, health and other welfare benefit plans (including life insurance, disability insurance and apprenticeship plans)" (Wolfe, 2013). ERISA requires that disclosures are provided to plan participants that clearly list the benefits that are offered, how to get these benefits, the limits of the plan, and other guidelines needed to get benefits. ERISA requires a written policy must be established for how to file claims, and also a written appeal process for denied claims. It requires appeals must be conducted in a fair and timely manner (Wolfe, 2013). ERISA also ensures that participants get information about breaks in service and its effect on plan, and restoration of service following a break. In addition, ERISA protects funds by making sure they are available and delivered in best interests of plan participants. ERISA prohibits discriminatory actions in obtaining plan benefits for qualified individuals and collecting plan benefits for qualified individuals. ERISA prohibits "fiduciary investment advisors from receiving compensation from investment vehicles that they recommend to plan participants and IRA holders" (Department of Labor, 2011). This prevents conflict of interest. The Pension Protection Act of 2006(PPA) amended the ERISA to allow the "availability of fiduciary investment advice to participants, under certain conditions. The PPA allows "fiduciary investment advisors to receive fees from investment providers" (Department of Labor, 2011) as long as the investment advice given is based on an unbiased computer model and the amount the investment advisor earns from the investment vehicles is based on use, not on the investment selected by plan participants (in other words, it is not a commission).
Department of Labor. (2011, October). Final Rule to Increase Worker's Access to High Quality Investment Advice. Retrieved from http://www.dol.gov/ebsa/newsroom/factsheet/fsinvestmentadvicefinal.html
Sloane, A. A., & Witney, F. (2010). Labor relations (13th ed.). Upper Saddle River, NJ: Prentice Hall.
Wolfe, L. ...
Education
- BA, University of Southern California
- MSS, United States Sports Academy
- Ed.D, Boise State University
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