10 July 2017 By

Though your benefits package may be quite substantial, your employees may not know it or may not understand some of the benefits you offer. Helping employees understand their total compensation can raise morale and may increase loyalty to your company. To assist your employees in fully comprehending their benefits package, consider providing a total compensation (benefit) statement.

This communication highlights the monetary value of your benefits package, including those perks that may be overshadowed by traditional benefits, to give an overall view of your benefits package. A typical total compensation statement may include information about the following:

  • Salary
  • Bonuses
  • Commissions
  • Stock options
  • Stock grants
  • Employee stock purchase plan
  • Retirement plan
  • Social Security contributions
  • 401(k) matching contributions
  • Paid time off
  • Coverages for health, life and disability
  • Wellness rewards (discounts, cash bonuses, etc.)

 

10 July 2017 By

The cost of medical and prescription programs continue to rise at an alarming rate, and decision makers are looking for creative alternatives to simply accepting increases every year under their traditional insurance approach.  

Fortunately, there is an alternative to the typical medical insurance carriers in the marketplace – partnering with an Employee Benefit Group Captive.   A benefit captive allows employers to jointly form and manage their own insurance "entity" so they can reduce costs and increase control over their employee benefit program.

10 July 2017 By

Employee benefits benchmarking is a critical component of managing your benefits program and ensuring market competitiveness.  When you consider plan changes, do you know the potential impact that the proposed changes may have on your ability to attract and retain employees?  How about employee morale?  These are important questions that must be considered prior to making any changes.  And you need to have a short and long term strategy…otherwise you may end up cost shifting every year when a band aid approach would probably have a better impact on morale.  

Health care costs continue to rise, and making benefit and employee contribution changes to reduce costs is an unfortunate reality.  But you can’t make decisions about your benefits program in a vacuum.  You need to know if the benefit changes you are considering will impact your level of competitiveness, be able to anticipate the employee’s reaction, and proactively address their concerns. 

10 July 2017 By

Each year, employee benefit plan administrators are generally required to file a return/report regarding the plan’s financial condition, investments and operations. The annual reporting obligation is generally satisfied by filing the Form 5500 Annual Return/Report of Employee Benefit Plan or Form 5500-SF Short Form Annual Return/Report of Small Employee Benefit Plan, plus any required schedules and attachments. The Department of Labor (DOL), Internal Revenue Service (IRS) and the Pension Benefit Guaranty Corporation (PBGC) jointly developed the Form 5500 series to consolidate the main annual reporting requirements for employee benefit plans. 

The Form 5500 series is intended to protect the rights and benefits of plan participants and beneficiaries by assuring that:

  • Employee benefit plans are operated and managed in accordance with certain prescribed standards
  • Employee benefit plan participants and beneficiaries are provided with or have access to sufficient plan information

 In addition, the Form 5500 series is an important compliance, research and disclosure tool for the DOL. It is also a source of information and data for use by other federal agencies, Congress and the private sector in assessing employee benefit, tax and economic trends and policies.

Page 3 of 3

Contact us

For questions or more information, please contact us by phone or email.

AWARDS

Connect with us

We're on Social Networks. Follow us & get in touch.