Question 1

Younger people must earn some social security credits to qualify for disability benefits.

Accepted Answer

To qualify for disability benefits, individuals must have earned a certain number of social security credits, which are based on their work history and earnings. Younger people still need to accumulate credits to qualify for these benefits.

Question 2

The two main features of the Employee Retirement Income Security Act (ERISA)-the imposition of standards for fiduciary conduct and responsibility and the setting of minimum standards for pension plan requirements-have different bases for their coverage.

Accepted Answer

The two main features of ERISA, standards for fiduciary conduct and responsibility, and minimum standards for pension plan requirements have different bases for their coverage. The fiduciary standards apply to all employee benefit plans, regardless of size or type, while the minimum standards for pension plan requirements apply to plans that fall within certain coverage criteria, such as those with 100 or more participants.

Question 3

Workers' compensation, as it has been instituted in virtually every state, is a statutory tradeoff.

Accepted Answer

Workers' compensation is a statutory tradeoff between employers and employees, in which employees are provided with guaranteed benefits for on-the-job injuries and illnesses in exchange for giving up their right to sue the employer for negligence. This tradeoff is established by state law in each state.

Question 4

Any individual with a claim against the fund used for benefit plans can directly seek legal remedies from the courts without proceeding an internal arbitration.

Accepted Answer

Most benefit plans require individuals to first go through an internal arbitration or grievance process before seeking legal remedies in court.

Question 5

Unemployment compensation litigation starts with the active worker's application for benefits.

Accepted Answer

Unemployment compensation litigation typically starts when an employer contests a former employee's claim for unemployment benefits, not with the worker's initial application.

Question 6

Social Security is a state funded and administered program.

Accepted Answer

Social Security is a federally funded and administered program in the United States.

Question 7

The Federal Employment Liability Act (FELA) was passed in the year 1908.

Accepted Answer

The Federal Employment Liability Act (FELA) was indeed passed in the year 1908.

Question 8

The high level of fault which serves to disqualify an out-of-work worker from unemployment compensation is called:

Accepted Answer

Willful misconduct is a high level of fault that represents an intentional or wrongful act or omission by an employee, which is severe enough to justify termination of employment. This includes actions such as theft, harassment, or gross negligence. An employee who has been terminated for willful misconduct is typically disqualified from receiving unemployment compensation benefits.

Question 9

In the case of a railroad worker accident brought to court in the 1900s, one of the defenses the railroad company used against the plaintiff was the "fellow-servant" doctrine.What does this refer to?​

Accepted Answer

The "fellow-servant" doctrine is a legal principle that states that an employer is not liable for the negligence of one employee that causes injury to another employee while they are both in the course of their employment. In other words, if the injured employee's injury was caused by the negligence of a co-worker, the employer cannot be held liable. This defense was frequently used by railroad companies in the early 1900s to avoid liability for workplace accidents.

Question 10

Benefits paid to employees out of work through no fault of their own and who are available for suitable work if and when it becomes available falls under the category of:

Accepted Answer

Unemployment compensation is a type of benefit paid to those who are out of work through no fault of their own and are able and available for suitable work. It is funded through employer payroll taxes and administered by each state according to federal guidelines. Workers' compensation is a different type of benefit that provides compensation for on-the-job injuries or illnesses, while welfare benefits and pension plans are also distinct types of support for individuals in need.

Question 11

For a person to be "fully insured" by social security, he or she must accrue a minimum of thirty quarters of contributions.

Accepted Answer

To be considered "fully insured" by Social Security, a person must have accrued a minimum of 40 quarters of contributions, which equates to 10 years of work.

Question 12

Which of the following is not true regarding minimum standards under the Employee Retirement Income Security Act?​

Accepted Answer

Compliance with ERISA minimum standards is not mandatory, but employers who choose not to comply with ERISA minimum standards may face legal consequences, such as disqualification of the plan or potential penalties.

Question 13

The provisions of Employee Retirement Income Security Act (ERISA) apply to employee benefit plans established by federal government.

Accepted Answer

ERISA applies to employee benefit plans established by private employers and not to those established by the federal government, state or local governments, or churches.

Question 14

Workers' compensation has been left primarily to the states to administer.

Accepted Answer

The federal government has set some minimum standards, but each state has its own workers' compensation system.

Question 15

The Federal Employment Liability Act is a federal law designed to protect and compensate the injured:

Accepted Answer

The Federal Employment Liability Act, also known as FELA, is a federal law that provides compensation and protection for injured railroad workers.

Question 16

Under the social security system, a worker is considered disabled when a severe physical or mental impairment prevents that person from working for a year or more or is expected to result in the victim's death.

Accepted Answer

This is the official definition used by the social security system to determine disability eligibility.

Question 17

The Employee Retirement Income Security Act imposes standards of conduct and responsibility on fiduciaries of benefit plans established or maintained by employers and unions engaged in or affecting interstate commerce.​

Accepted Answer

The statement accurately describes one of the key provisions of ERISA.

Question 18

Which of the following is not true of the Employee Retirement Income Security Act (ERISA)?​

Accepted Answer

ERISA applies to all employee benefit plans maintained by private employers, with specific exemptions, but it does not apply to plans maintained solely for the purpose of complying with state workers' compensation laws. Therefore, option B is not true. The other options are correct - ERISA sets standards for pension fund fiduciaries, requires disclosure of financial information, and provides legal remedies for employees in case of plan violations.

Question 19

The Federal Employment Liability Act (FELA) was enacted in recognition of the incredible number of casualties in the mining industry.

Accepted Answer

FELA was actually enacted in 1908 in recognition of the dangers faced by railroad workers. It provides compensation for employees who are injured or killed on the job due to the negligence of their employer.

Question 20

Persons not normally considered fiduciaries, such as consultants or advisers, may be found to​ be fiduciaries when their expertise is used in a managerial, administrative, or advisory capacity by the plan.

Accepted Answer

This statement is true according to the Employee Retirement Income Security Act (ERISA). ERISA states that anyone who provides investment advice to a plan for a fee or other compensation is considered a fiduciary, regardless of whether or not they are normally considered one. This includes consultants or advisers who provide advice in a managerial, administrative, or advisory capacity.

Quiz 21: The Employees Safety Nets:unemployment and Workers Compensation, Social Security, and Retirement Plans

Younger people must earn some social security credits to qualify for disability benefits.

The two main features of the Employee Retirement Income Security Act (ERISA)-the imposition of standards for fiduciary conduct and responsibility and the setting of minimum standards for pension plan requirements-have different bases for their coverage.

Workers' compensation, as it has been instituted in virtually every state, is a statutory tradeoff.

Any individual with a claim against the fund used for benefit plans can directly seek legal remedies from the courts without proceeding an internal arbitration.

Unemployment compensation litigation starts with the active worker's application for benefits.

Social Security is a state funded and administered program.

The Federal Employment Liability Act (FELA) was passed in the year 1908.

The high level of fault which serves to disqualify an out-of-work worker from unemployment compensation is called:

In the case of a railroad worker accident brought to court in the 1900s, one of the defenses the railroad company used against the plaintiff was the "fellow-servant" doctrine.What does this refer to?

Benefits paid to employees out of work through no fault of their own and who are available for suitable work if and when it becomes available falls under the category of:

For a person to be "fully insured" by social security, he or she must accrue a minimum of thirty quarters of contributions.

Which of the following is not true regarding minimum standards under the Employee Retirement Income Security Act?

The provisions of Employee Retirement Income Security Act (ERISA) apply to employee benefit plans established by federal government.

Workers' compensation has been left primarily to the states to administer.

The Federal Employment Liability Act is a federal law designed to protect and compensate the injured:

Under the social security system, a worker is considered disabled when a severe physical or mental impairment prevents that person from working for a year or more or is expected to result in the victim's death.

The Employee Retirement Income Security Act imposes standards of conduct and responsibility on fiduciaries of benefit plans established or maintained by employers and unions engaged in or affecting interstate commerce.

Which of the following is not true of the Employee Retirement Income Security Act (ERISA) ?

The Federal Employment Liability Act (FELA) was enacted in recognition of the incredible number of casualties in the mining industry.

Persons not normally considered fiduciaries, such as consultants or advisers, may be found to be fiduciaries when their expertise is used in a managerial, administrative, or advisory capacity by the plan.

Quiz 21: The Employees Safety Nets:unemployment and Workers Compensation, Social Security, and Retirement Plans

Younger people must earn some social security credits to qualify for disability benefits.

The two main features of the Employee Retirement Income Security Act (ERISA)-the imposition of standards for fiduciary conduct and responsibility and the setting of minimum standards for pension plan requirements-have different bases for their coverage.

Workers' compensation, as it has been instituted in virtually every state, is a statutory tradeoff.

Any individual with a claim against the fund used for benefit plans can directly seek legal remedies from the courts without proceeding an internal arbitration.

Unemployment compensation litigation starts with the active worker's application for benefits.

Social Security is a state funded and administered program.

The Federal Employment Liability Act (FELA) was passed in the year 1908.

The high level of fault which serves to disqualify an out-of-work worker from unemployment compensation is called:

In the case of a railroad worker accident brought to court in the 1900s, one of the defenses the railroad company used against the plaintiff was the "fellow-servant" doctrine.What does this refer to?​

Benefits paid to employees out of work through no fault of their own and who are available for suitable work if and when it becomes available falls under the category of:

For a person to be "fully insured" by social security, he or she must accrue a minimum of thirty quarters of contributions.

Which of the following is not true regarding minimum standards under the Employee Retirement Income Security Act?​

The provisions of Employee Retirement Income Security Act (ERISA) apply to employee benefit plans established by federal government.

Workers' compensation has been left primarily to the states to administer.

The Federal Employment Liability Act is a federal law designed to protect and compensate the injured:

Under the social security system, a worker is considered disabled when a severe physical or mental impairment prevents that person from working for a year or more or is expected to result in the victim's death.

The Employee Retirement Income Security Act imposes standards of conduct and responsibility on fiduciaries of benefit plans established or maintained by employers and unions engaged in or affecting interstate commerce.​

Which of the following is not true of the Employee Retirement Income Security Act (ERISA) ?​

The Federal Employment Liability Act (FELA) was enacted in recognition of the incredible number of casualties in the mining industry.

Persons not normally considered fiduciaries, such as consultants or advisers, may be found to​ be fiduciaries when their expertise is used in a managerial, administrative, or advisory capacity by the plan.

In the case of a railroad worker accident brought to court in the 1900s, one of the defenses the railroad company used against the plaintiff was the "fellow-servant" doctrine.What does this refer to?

Which of the following is not true regarding minimum standards under the Employee Retirement Income Security Act?

The Employee Retirement Income Security Act imposes standards of conduct and responsibility on fiduciaries of benefit plans established or maintained by employers and unions engaged in or affecting interstate commerce.

Which of the following is not true of the Employee Retirement Income Security Act (ERISA) ?

Persons not normally considered fiduciaries, such as consultants or advisers, may be found to be fiduciaries when their expertise is used in a managerial, administrative, or advisory capacity by the plan.