Employee Benefits

In today’s highly competitive marketplace, it’s becoming increasingly difficult for business owners to attract and retain top talent. Salary is no longer the sole compensation driver. Employees are also looking at an employer’s overall benefits package, and its potential to help protect their families and adequately prepare them for retirement. These concerns are heightened by ever-changing tax laws, pension plan uncertainties and Social Security shortfalls. As a business owner, you can offer insurance and retirement benefits that can make a difference for both your executives and your business.1

You probably already have a standard benefits package in place, one that includes medical and dental coverage, disability income insurance and a retirement plan. However, your competitors more than likely offer a similar benefits package. These days, employees are looking for benefit plans above and beyond the standard packages that most employers already offer. These benefits often provide the primary incentive for key employees to join and remain loyal to your company.

Designing an attractive employee benefits package may seem expensive, but the tax considerations2 can help offset the overall cost, and its impact on current and prospective employees could be rewarding. Our associates can help you provide an attractive employee benefits package for the employees that are most valuable to the success of your company.

1 There may be implications under the Employment Retirement Income Security Act (ERISA) depending on how certain types of insurance policies are made available to employees and whether such an arrangement constitutes an “employee benefit plan” under ERISA. Employers should consult their own tax and legal advisors for further information on potential ERISA implications.

2 The information provided is not written or intended as tax or legal advice, and may not be relied on for purposes of avoiding any Federal tax penalties. We are not authorized to give tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel.