Describe as completely as you can the following programs: retirement/survivor’s benefits/disability and medicare/medicaid.
Answer 5 of the 6 questions. Each question answered is worth a possible 20 points. 1. The Fair Labor Standards (1938) and the Equal Pay Act (1963) which amends it are the primary legal constraints faced by companies in the determination of wages/salaries. Explain the following as it pertains to the FLSA: the two stage process to determine coverage under the FLSA; the minimum wage provisions; the overtime provisions; comp time. 2. There are four common job related exemptions that companies typically use in relation to the FLSA: executive, administrative, professional, and outside sales. Explain the “test”/conditions that the job must pass or meet to be considered exempt from the Act (choose any two of the four). 3. The Fair Labor Standards Act (1938) and the Equal Pay Act (1963) which amends are the primary legal constraints faced by companies in the determination of wages/salaries. Explain the Equal Pay Act. 4. The Social Security Act (1935) established a number of crucial programs which still exist today. Describe as completely as you can the following programs: retirement/survivor’s benefits/disability and medicare/medicaid. Be sure to indicate what these are, how they are funded, what they cover, the current situation facing these benefits and what the future might hold for these benefits. 5. The Social Security Act (1935) established a number of crucial programs which still exist today. Describe as completely as you can unemployment insurance and workers compensation. Indicate what each covers and how they are funded. Also, for unemployment insurance, indicate how this operates in Alabama. 6. The Employee Retirement Income Security Act is a very important pension related statute. Define/explain the following concepts which relate to ERISA and pensions in general: vesting, portability, the pension benefit guarantee corporation, defined benefit plan, defined contribution plan. For defined benefit plan and defined contribution plan, indicate which parties (i.e., employer or employee) face which risks a
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