Chapter 15

Business Law 301 with Mayfield at University of Tennessee - Knoxville

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By: Matt Hutchinson
Textbook:

Study Guide for Cross/Miller's The Legal Environment of Business, 7th

The Legal Environment of Business: Text and Cases -- Ethical, Regulatory, Global, and E-Commerce Issues
Created: 2009-03-10
Size: 21 flashcards
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State Statutes designed to pay workers for work related sickness, injury, or death

Workers Compensation

How is workers comp funded?

Through insurance, Self-Insurance, or state fund

Workers comp. eliminates common law claims against an employer (ie you cant sue the company)

Exclusivity of Remedy

What year was OSHA passed?

1970

What are the objectives of OSHA?

To keep work place safe and healthy
To preserve human resources

The three types of Standards for OSHA?

Interim (2 yrs after acts passage), Permanent(basic), temporary emergency(6 months)

Act that eliminated working conditions that did not allow workers to maintain a minimum standard of living.

Fair Labor Standards Act

Who is FLSA enforced by

Department of Labors Wage and hour division

Short-term benefits for workers who lose there job through no fault of there own

Unemployment Compensation

What provides minimal income to retirees?

Social Security

True or False Social Security originally gave benefits to workers dependents and disabilities.

False

What percent does the employee give to social security and medicare?

6.2% to S.S. 1.45% to medicare

What factors influence the amount of benefits you get from S.S.

Average annual earnings, and the age you retire

What is no means testing mean?

That it doesnt matter if you need the money or not you get it

Pension pays stated dollar amount per month for life depending on Age, salary and tenure

Defined benefit plan

No stated amount is promised for pension, employee contributes to a fund that you or the employer picks (401 k)

Defined contributory plan

Federal statute governing employer pension plans so that they are managed in ways that protect plan assets for the benefit of the employee

Employment Retirement Income Security Act of 1974

Rights to pensions that can not be taken away

Vesting

How long are employers required to hold a job for an eligible person under the Family and Medical Leave act

12 weeks

Requirements for eligible persons under Family and Medical leave act

must have worked for employer for over 1 year and have worked over 1250 hours in the past 12 months

What does COBRA do

Forces employers to give terminated employees the option of continued health care which the employee must pay.