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					Tuesday, October 12, 2010
         Tonight’s Agenda
Resumes and Cover Letters
Compensation and Benefits
Mid-Term Exam
             Cover Letter Evaluations
45-50
Within this range, your cover letter is regarded as well written, appropriately formatted, works
well as a complement to your resume and will serve as an asset in your job search

40-44
Within this range, you have demonstrated that you understand the value of a cover letter, and
have done reasonably well in your development, but still need some work in developing the
content of your letter.

35-39
Within this range, your resume is missing the mark, either because of ineffective writing, poor
presentation, or both. Nevertheless, you have met the minimum criteria for completing the
assignment

<35
Cover letters that fall within this range will serve as a detriment in your job search.
                  Resume Evaluations
135 – 150
Within this range, your resume is regarded as very well done and generally better than most
resumes submitted for entry level positions. For those grades closer to 135, I strongly suggest
you consider additional fine-tuning, either in format, narrative or both in order to complete an
outstanding resume

120-134
Depending on where you fall within this range, you are either close to having a nice,
competitive resume or close to being eliminated from job consideration because of issues
regarding formatting, grammar, content or lack of experience.

105 – 119
For resumes within this range, while you have shown some effort at meeting the minimum
requirements of the assignment, you have fallen short on developing an effective resume,
primarily because of your failure to include little or none of the tips offered in class.

<105
Resumes in this range reflect a general lack of effort to take the assignment seriously and
spend the required time and consideration to complete.
Compensation and Benefits
Compensation and Benefits
      Health Insurance
         Health Insurance
Preferred Provider Organization (PPO)
Point of Service Plan (POS)
Health Maintenance Organization (HMO)
Consumer Directed Health Plans
• Health Savings Accounts (HSA)
• Health Reimbursement Arrangements (HRA)
           Health Insurance
• Preferred Provider Organization (PPO)
     Advantages:
          Flexibility
          Freedom
          Out-of-Area Coverage
         Health Insurance
• Preferred Provider Organization (PPO)
    Disadvantages:
       Higher Premium
       Coinsurance
       Deductible
         Health Insurance
• Health Maintenance Organization (HMO)
    Advantages:
       Lower Premium
       Lower Out-of-Pocket Costs
       Predictable Expenses
             Health Insurance
• Health Maintenance Organization (HMO)
    Disadvantages:
       Little Flexibility in Physician Choices
       PCP Required
       Referrals Required for Specialist Care
       No Out-of-Area Coverage for Routine Care
             Health Insurance
• Point of Service Plan (POS)
       Combination of HMO and POS
       Must Select PCP, but “Out of Network” is OK
       Provides predictability of HMO, but flexibility of
       PPO – along with higher costs
 Compensation and Benefits
                Health Insurance


HMO                 POS                PPO


Less Flexible                      More Flexible
Lower Cost                          Higher Cost
           Health Insurance
  Prescription Drug Coverage
  Dental Vision
  Vision Coverage


• www.carefirst.com
Compensation and Benefits
401(k) & 403(b) Retirement Savings Plans
Retirement Savings Plans
An employer-directed, tax deferred savings account,
where a pre-determined percentage of your salary is
automatically withheld each pay period and deposited
into your retirement account.
    Retirement Savings Plans
                  Advantages of 401 K plan

Pre-tax means money is taken from your paycheck before
taxes are deducted.


Consider the following example of
someone in the 35 percent tax bracket
who uses the 401(k) plan to save 10%
of his paycheck, rather than by simply
putting 10% in the bank.
Retirement Savings Plans
Saving on Your Own

Gross Amount per Paycheck      $1,000
X 35% (for taxes)               $350
Paycheck (after taxes)          $650
X 10% (for savings)               $65
Money Left Over to Pay Bills    $585
Retirement Savings Plans
Saving through 401(k) Plan

Gross Amount per Paycheck     $1,000
X 10% for Savings              $100
Gross (for Tax Purposes)       $900
X 35% for taxes                $315
Money Left for Other Things    $585
      Retirement Savings Plans
Saving Through a 401 k Plan                 Saving on Your Own

   Gross Amount per Paycheck     $1,000       Gross Amount per Paycheck:     $1,000
   X 10% for Savings             $100         X 35% (for taxes)              $350
   Gross (for Tax Purposes)      $900         Paycheck (after taxes)         $650
   X 35% for taxes               $315         X 10% (for savings)            $65
   Money Left for Other Things   $585         Money Left Over to Pay Bills   $585



                                 Amount left over is the same
          Retirement Savings Plans
Saving Through a 401 k Plan                       Saving on Your Own

     Gross Amount per Paycheck           $1,000       Gross Amount per Paycheck:     $1,000
     X 10% for Savings                   $100         X 35% (for taxes)              $350
     Gross (for Tax Purposes)            $900         Paycheck (after taxes)         $650
     X 35% for taxes                     $315         X 10% (for savings)            $65
     Money Left for Other Things         $585         Money Left Over to Pay Bills   $585

                                   $35 Difference in Savings
  Retirement Savings Plans
More Advantages:

Money is taken out before you see it, therefore making savings more
palatable.
 Retirement Savings Plans
Advantages:

Money is taken out before you see it, therefore making savings more
palatable.

Company may match your contribution with an equal percentage.
Considering the above example, if your company provides a matching
amount, your $100 investment will become $200.
  Retirement Savings Plans
Advantages:

Money is taken out before you see it, therefore making savings more
palatable.

Company may match your contribution with an equal percentage.
Considering the above example, if your company provides a matching
amount, your $100 investment will become $200.

Money is usually invested in mutual funds on the stock
market, which over time, should increase your initial
investment even more.
  Retirement Savings Plans
Advantages:

Money is taken out before you see it, therefore making savings more
palatable.

Company may match your contribution with an equal percentage.
Considering the above example, if your company provides a matching
amount, your $100 investment will become $200.

Money is usually invested in mutual funds on the stock market, which over
time, should increase your initial investment even more.

Many companies will allow you to borrow against your 401 k balance, thus
allowing you access to your money, while avoiding the penalties of early
withdraw.
 Retirement Savings Plans
Disadvantages:

Your money is not liquid. That means that only under certain conditions,
such as medical emergencies, financial hardships, college education, and
the purchase of your first home, can you have your money prior to
retirement age.
  Retirement Savings Plans
Disadvantages:

Your money is not liquid. That means that only under certain conditions,
such as medical emergencies, financial hardships, college education, and
the purchase of your first home, can you have your money prior to
retirement age.

Should you meet the special conditions necessary for early withdraw, you
will still pay a harsh penalty - as much as 50 percent (depending on your
current tax rate) of your entire savings amount.
 Retirement Savings Plans
Disadvantages:

Your money is not liquid. That means that only under certain conditions,
such as medical emergencies, financial hardships, college education, and
the purchase of your first home, can you have your money prior to
retirement age.

Should you meet the special conditions necessary for early withdraw, you
will still pay a harsh penalty - as much as 50 percent of your entire savings
amount.

Your money is usually invested in the stock market, which is then subject to
losses as well as gains.
Compensation and Benefits
401(k) 403(b) Retirement Savings Plans
TERMS TO REMEMBER:

Matching Contributions: Many companies will match, up to a certain
percentage, the amount of money that you contribute to 401 k plan. This
percentage is usually no more than 5 percent.
 Compensation and Benefits
401(k) 403(b) Retirement Savings Plans
TERMS TO REMEMBER:

Vesting Period: If your company provides a matching contribution, they
sometimes require that you remain in their employ for a certain period of
time (usually three to five years) at which time you become vested and
eligible for all money contributed by the company. Should you leave prior to
becoming vested, you may surrender some or all of the company’s
contribution to your retirement, but not your own.
Compensation and Benefits
401(k) 403(b) Retirement Savings Plans
TERMS TO REMEMBER:
Mutual Fund: A means of investing in the stock market which provides
lower cost opportunities with less risk. Rather than purchasing shares in
one company, owners of mutual fund stocks pool their money in order to
purchases shares in many similar companies.
Compensation and Benefits
Bonuses and Stock Options
 Stock Options
 Cash
 Gifts
Compensation and Benefits
Life Insurance
   Whole Life
   Term Life
Compensation and Benefits
Flexible Spending Account

  Dependent Care FSA
  Health care FSA
Compensation and Benefits
Travel - Frequent Flier Miles

Accidental Death and Dismemberment Insurance

Long Term and Short Term Disability

Tuition Reimbursement

Parking

Car / Insurance

				
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posted:6/24/2011
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