Christopher Herlihy 11/15/2012 Mgt 205 Professor Vittoria Chapter 10 Benefits (35) COBRA: Health insurance plan which

ch allows an employee who leaves a company to continue to be covered under the companys health plan, for a certain time period and under certain conditions. The name results from the fact that the program was created under the Consolidated Omnibus Reconciliation Act. The system is designed to prevent employees who are between jobs from experiencing a lapse in coverage.

HIPAA: A law mandating that anyone belonging to a group health insurance plan must be allowed to purchase health insurance within an interval of time beginning when the previous coverage is lost The law protects employees, especially those with long term health conditions who may be reluctant to leave jobs because they are afraid pre-existing condition clauses will limit coverage of any such conditions under a new insurance plan, from losing losing health insurance due a change in employment status The law also creates standards dealing with the privacy of health information, which helps prevent improper use of ones medical record

ERISA: The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for pension plans in private industry. ERISA does not require any employer to establish a pension plan. It only requires that those who establish plans must meet certain minimum standards

OWBPA: In 1990, Congress passed the Older Workers Benefit Protection Act (OWBPA) which amended the Age Discrimination in Employment Act (ADEA) to safeguard older workers employee benefits from age discrimination Even with the OWBPA amendments, employees may observe the terms of bona fide employee benefit plans such as retirement, pension, or insurance plans that contain agebased distinctions, but only if the distinctions are cost-justified. Employees must pay the same amount for each benefit provide to an older worker as is paid for a younger worker

Family and Medical Leave Act of 1993 (FMLA) The Family and Medical Leave Act of 1993 (FMLA) is a United States federal law requiring covered employers to provide employees job-protected and unpaid leave for qualified medical and family reasons. Qualified medical and family reasons include: personal or family illness, family military lave, pregnancy, adoption, or the foster care placement of a child. The FMLA is administered by the Wage and Hour Division of the United States Department of Labor

PPA: One of the most comprehensive reforms of the national pension laws passed in August 2006 by the House of Representatives. The act fortified the previous loophole-infested pension insurance system by increasing the minimum funding requirements for various pension plans.

Patient Protection and Affordable Care Act of 2010 (PPACA) PPACA is a United States federal statue signed into law by President Barack Obama on March 23, 2010. Together with the Health Care and Education Reconciliation Act, it represents the most significant regulatory overhaul of the U.S. healthcare system since the passage of Medicare and Medicaid in 1965 PPACA is aimed primarily at decreasing the number of uninsured Americans and reducing the overall costs of health care.

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"United States Department of Labor." United States Department of Labor. N.p., n.d. Web. 14 Nov. 2012. <http://www.dol.gov/>.

"Investment and Financial Dictionary by InvestorWords.com." Investment and Financial Dictionary by InvestorWords.com. N.p., n.d. Web. 14 Nov. 2012. <http://www.investorwords.com/>.