What are Some Basic Benefit Type Characteristics?
The table below lists important plan attributes and available categories. What are Coverage Types?
| Benefit Type | Pre-defined Categories | Attributes |
|---|---|---|
| Defined Benefit |
Participation hours Covered compensation by plan year Vesting Beneficiaries |
|
| Defined Contribution |
Profit sharing Money purchase ESOP 401(k) 403(b) 457 Thrift or Savings Registered Retirement Savings Plans Deferred Profit Sharing |
Participation hours Covered compensation by plan year Vesting Beneficiaries Investment accounts Discrimination testing |
| Dental | Dependents benefits | |
| Dependent Life |
Dependent benefits Beneficiaries Used to calculate imputed income |
|
| Disability |
STD (short term disability) LTD (long term disability) |
Beneficiaries |
| Employee Life |
Life AD&D (Accidental Death and Dismemberment) |
Used to calculate imputed income |
| Health |
Medical Long term care Vision |
Dependents benefits |
| Spending Account |
Medical reimbursement Dependent care Legal account |
Payroll updates plan year contributions Allows reimbursement Transactions |
| Savings Bond |
Payroll updates contributions by plan Purchases bonds Tracks owners, co-owners and beneficiaries Maintains bond history |
|
| Stock Purchase |
Payroll updates contributions by plan Purchases stock Maintains stock purchase history |
|
| Vacation |
Buy vacation Sell vacation |
Buy or sell hours in a time accrual plan |