STATING THE CASE FOR EMPLOYEE BENEFITS

06-25-2020  -  1603  Views

A basic online search to  determine what employees really want from their employer can result in reading for several hours. I will try to condense the simple things for you here.

According to  Entrepreneur, your employees really value more basic benefits.

Federal law has numerous required benefits:

  • Give employees time off to vote, serve on a jury and perform military service.
  • Comply with all workers' compensation requirements.
  • Withhold FICA taxes from employees' paychecks and pay your own portion of FICA taxes, providing employees with retirement and disability benefits.
  • Pay state and federal unemployment taxes, thus providing benefits for unemployed workers.
  • Contribute to state short-term disability programs in states where such programs exist.
  • Comply with the Federal Family and Medical Leave Act (FMLA).

Things you are not required to provide:

  • Retirement plans
  • Dental or vision plans
  • Life insurance plans
  • Short term disability plans
  • Paid vacations, holidays or sick leave

Employers mistakenly believe the extra benefits are too costly. The reason for this is most often their tax advisor does not understand “Voluntary Benefits” plans and options. An employer can offer these benefits, with the understanding that the employee will pay for them out of their salary. It’s a win-win! The employer adds to their benefit plan, and the employee gets to choose what benefits help them the most! Additionally, the employer will pay less in total FICA for each benefit the employee chooses pre-tax. Employees also get an added benefit as their reduction in salary for benefits lowers their own taxes.

As health insurance plan premiums are rising, some employers are reducing the coverage for their employees by raising the deductible. A Medical Bridge plan can offset the financial burden of health care for the employee by covering all or part of the deductible.

If you want to contribute to your employees’ welfare, I believe Colonial Life is the provider of choice for these “added” benefits!

 



 
Who We Are

We believe that the customer plays a very important role in how we achieve success in our industry. More

© The Forster Financial Group, 2020 - All Rights Reserved
The Forster Financial Group

Las Vegas, Nevada 89140
702-445-3454



Get To Know Us

We hope you get to know our team personally as you become a long standing customer of our company. We look forward to getting to know you as well.


STATING THE CASE FOR EMPLOYEE BENEFITS

06-25-2020  -  1603  Views


A basic online search to  determine what employees really want from their employer can result in reading for several hours. I will try to condense the simple things for you here.

According to  Entrepreneur, your employees really value more basic benefits.

Federal law has numerous required benefits:

  • Give employees time off to vote, serve on a jury and perform military service.
  • Comply with all workers' compensation requirements.
  • Withhold FICA taxes from employees' paychecks and pay your own portion of FICA taxes, providing employees with retirement and disability benefits.
  • Pay state and federal unemployment taxes, thus providing benefits for unemployed workers.
  • Contribute to state short-term disability programs in states where such programs exist.
  • Comply with the Federal Family and Medical Leave Act (FMLA).

Things you are not required to provide:

  • Retirement plans
  • Dental or vision plans
  • Life insurance plans
  • Short term disability plans
  • Paid vacations, holidays or sick leave

Employers mistakenly believe the extra benefits are too costly. The reason for this is most often their tax advisor does not understand “Voluntary Benefits” plans and options. An employer can offer these benefits, with the understanding that the employee will pay for them out of their salary. It’s a win-win! The employer adds to their benefit plan, and the employee gets to choose what benefits help them the most! Additionally, the employer will pay less in total FICA for each benefit the employee chooses pre-tax. Employees also get an added benefit as their reduction in salary for benefits lowers their own taxes.

As health insurance plan premiums are rising, some employers are reducing the coverage for their employees by raising the deductible. A Medical Bridge plan can offset the financial burden of health care for the employee by covering all or part of the deductible.

If you want to contribute to your employees’ welfare, I believe Colonial Life is the provider of choice for these “added” benefits!

 



 
Who We Are

We believe that the customer plays a very important role in how we achieve success in our industry. More

© The Forster Financial Group, 2020 - All Rights Reserved
The Forster Financial Group

Las Vegas, Nevada 89140
702-445-3454



Get To Know Us

We hope you get to know our team personally as you become a long standing customer of our company. We look forward to getting to know you as well.


STATING THE CASE FOR EMPLOYEE BENEFITS

06-25-2020  -  1603  Views


A basic online search to  determine what employees really want from their employer can result in reading for several hours. I will try to condense the simple things for you here.

According to  Entrepreneur, your employees really value more basic benefits.

Federal law has numerous required benefits:

  • Give employees time off to vote, serve on a jury and perform military service.
  • Comply with all workers' compensation requirements.
  • Withhold FICA taxes from employees' paychecks and pay your own portion of FICA taxes, providing employees with retirement and disability benefits.
  • Pay state and federal unemployment taxes, thus providing benefits for unemployed workers.
  • Contribute to state short-term disability programs in states where such programs exist.
  • Comply with the Federal Family and Medical Leave Act (FMLA).

Things you are not required to provide:

  • Retirement plans
  • Dental or vision plans
  • Life insurance plans
  • Short term disability plans
  • Paid vacations, holidays or sick leave

Employers mistakenly believe the extra benefits are too costly. The reason for this is most often their tax advisor does not understand “Voluntary Benefits” plans and options. An employer can offer these benefits, with the understanding that the employee will pay for them out of their salary. It’s a win-win! The employer adds to their benefit plan, and the employee gets to choose what benefits help them the most! Additionally, the employer will pay less in total FICA for each benefit the employee chooses pre-tax. Employees also get an added benefit as their reduction in salary for benefits lowers their own taxes.

As health insurance plan premiums are rising, some employers are reducing the coverage for their employees by raising the deductible. A Medical Bridge plan can offset the financial burden of health care for the employee by covering all or part of the deductible.

If you want to contribute to your employees’ welfare, I believe Colonial Life is the provider of choice for these “added” benefits!

 



 
Who We Are

We believe that the customer plays a very important role in how we achieve success in our industry. More

© The Forster Financial Group, 2020 - All Rights Reserved
The Forster Financial Group

Las Vegas, Nevada 89140
702-445-3454



Get To Know Us

We hope you get to know our team personally as you become a long standing customer of our company. We look forward to getting to know you as well.