Employee Benefits Information
Employee benefits are non-wage compensation offered by employers. Certain benefits may be mandatory according to state or federal laws. Others are optional and can be invaluable for companies looking to attract and retain top talent, especially in a tight labor market.
At Meyer Group Inc., in St. Louis, Missouri, we understand that offering a robust employee benefits package is vital to your company’s future. Contact us today to learn more about your options and get a quote.
What Types of Employee Benefits Are Mandatory?
Certain employee benefits may be required by law. Your agent can help you understand which benefits your company must provide to remain in compliance with current federal and state laws that apply to your organization.
Employers may be required to provide:
· Time off per the Family and Medical Leave Act (FMLA)
· Workers’ compensation insurance
· Unemployment insurance
The following employee benefits may be required, and many job seekers consider them standard. Depending on your situation, your agent may recommend that you offer the following:
· Health insurance is required by federal law if your company has 50 or more full-time employees and is classified as an applicable large employer (ALE).
· Vision plans or dental insurance may be offered as an optional addition to health insurance.
· Retirement plan options may include a 401(k) plan, Roth 401(k) plan, defined benefit pension plan, 403(b) plan, 457 plan, Savings Incentive Match Plan for Employees (SIMPLE) IRA or Simplified Employee Pension (SEP) IRA plan.
· Life insurance may be available for employee purchase with a rider for family members. Employers often provide a life insurance policy with a face value equal to an employee’s annual salary.
What Types of Employee Benefits Are Optional?
These benefits may add value to a basic benefits package, helping your organization stand out from its competition:
· Paid holiday leave, vacation days and other paid time off (PTO) vacation days, bereavement, medical leave and maternity/paternity leave.
· Wellness programs may include gym membership reimbursement, smoking cessation programs, lifestyle and behavioral coaching and more.
· Supplemental insurance may include critical illness insurance, accident insurance, hospital indemnity insurance and more.
· Child care/dependent care benefits may consist of on-site childcare or reimbursement for a portion of child care costs. Many companies provide access to childcare reimbursement through a tax-deductible dependent care flexible spending account (FSA).
· Employee assistance programs (EAPs) typically offer specific types of assistance for employees, including tax planning, financial planning, mental health counseling, drug and alcohol counseling and other kinds of support.
· Health savings account (HSA) may be offered to employees with a high-deductible health plan per IRS guidelines.Employees decide how much money they’ll contribute pre-tax out of their paycheck. HSA funds can be used to pay qualified healthcare expenses and can be held over from one year to the next.
Contact Us to Build an Employee Benefits Package
Your company’s benefits package can help you compete for new talent while fitting within your budget and meeting your employees’ needs. Contact E&O Brokers today so we can help you tailor a flexible benefits package that adds value to your total compensation plan. Request a Quote