Employee Benefits Paper

An employee can help reduce the cost of health cost by doing several things. There has been an outcry from organizations due to the rising number of competitors with high expenses catering for health benefits during employment periods and on retiring. The employee can be of great help by being participative in the programs set by their employers to benefit more from other advantages far from health costs (Kerzner, 2013). Some of the choices an employee may consider to help control health costs are by boosting consumerism, use technology to manage benefits, and indulge in fitness and health programs.

Employers should offer affordable( employee premium less than 9.5% of employee’s wages) and of minimum value( employers must pay at least 60% of insurance cost) healthcare benefits to their employees depending on factors like number of FTE, number of employees receiving premium tax credits and other complex measurements to calculate the amounts. Employers should also notify employees by written about State exchanges, and advise them that if an employee decides to purchase a health Plan through an exchange, they may lose the employers’

The main page of the website is titled “Health Plans and Benefits.” This page defines a group health plan as “an employee welfare benefit plan established or maintained by an employer or by an employee organization (such as a union), or both, that provides medical care for participants or their dependents directly or through insurance, reimbursement, or otherwise” (“Health Plans and Benefits,” n.d., para. 1). Furthermore, the website highlights ERISA as an important regulation that protects the rights of plan participants and beneficiaries. Users can learn more about ERISA by clicking the link titled “Employee Retirement Income Security Act (ERISA).” In addition to ERISA, the site provides information about Employee Benefits Security Administration (EBSA). EBSA is responsible for regulating ERISA and providing both consumer information on health plans and compliance assistance for

The Employee Retirement Income Security Act (ERISA) is a piece of legislation enacted y the US Congress in 1974, after decades of similar legislation had been proposed and some of which had been enacted, but primarily as a means of addressing gaps in contemporary law and policy regarding employment pensions and retirement accounts (US Department of Labor, 2012). This legislation spells out certain requirements regarding information that retirement plan administrators must provide the participants and beneficiaries so that they can make pertinent decisions or take steps to safeguard their retirement savings, and also places certain guidelines and limitations on the conduct of managers of pension and retirement plans (USDOL, 2012). Government reporting standards and measures to ensure the protection of and proper access to retirement funds are also part of the legislation (USDOL, 2012).

The third way is for employers to utilize the reporting/disclosure guide for employee benefit plans. This is a reference tool that employers can utilize for reporting and disclosure provisions under ERISA. The fourth way is for employers to utilize the understanding your fiduciary responsibilities under a group health plan which provides a summary of the rudimentary fiduciary responsibilities pertaining to health plans that fall under the ERISA mandates.

What is ERISA? ERISA stands for Employee Retirement Income Security Act. ERISA regulates the establishment and implementation of discretionary benefits practices. Since its enactment in 1974, ERISA has been amended to meet the changing retirement and health care needs

Verizon Wireless may be losing at least one competitive advantage as a result of lack of knowledge about how employee benefits packages in the wireless industry compare. Studies have shown that valuable employees and top talent candidates are highly influenced by employee benefits packages considered to be good (Paterson, 2013). The leadership team’s determination and call for organizational growth, translates to both retaining current employees and enticing new candidates to join, an area in which a top employee benefits package is a major contributor. With this consideration, and factoring in the problem of a lack of updated information, it was determined that there was a critical need for a current benefits package comparison. The

" The Employee Retirement Income Security Act ( ERISA) of 1974 is the act that sets standards for administering health insurance plans. It protects the interests of beneficiaries who depend on benefits from private employee benefit plans."

Have you ever invested into a company or received benefits from a company? From insurance to social security, there are many different types of benefits you can receive from the firm you work for. What happens if you don’t receive the money you were suppose to get? Where do you go? Who helps you get the money you are suppose to receive? This is where the Employee Retirement Income Security Act comes into play. Established in 1974, the Employee Retirement Income Security Act is a federal law that was created to help workers receive their benefits even if they are terminated or retire. The Employee Retirement Income Security Act does more than just protect individuals; it applies certain requirements and regulations for the firms to follow and if the company does not follow the requirements than they can face substantial fines.

The way to understand ERISA is that it establishes minimum standards for retirement plans such as pensions and health. It may also include other welfare benefit plans such as life insurance, disability, etc. to protect employees, but also to protect employers.

Most health care analyst believes that health benefits provided by employers are provided as part of the overall compensation paid to workers. Because of the rising cost of the health care benefits, employers’ shares of

A union is an organization of workers who join together in order to have a voice in improving their jobs and the quality of work within the organization. In many occasions, unions help employees of an organization negotiate pay, benefits, flexible hours and other work conditions that may arise. Unions have a role because some degree of conflict is inevitable between workers and management (Noe, 2003). In this paper, I will be discussing the impact of unions and labor relations within an organization.

Chapter conclusion: Benefits for employees are very important for companies. Benefits for employees include various insurance plans, paid vacation days, paid sick leave, paid days off, etc. Different companies need to establish different benefit plans based on their company conditions. In brief, benefit in one of the bridge between employers and employees.

In today’s competitive workforce, compensation and benefit packages plays a crucial role on recruitment and retention for both the organization and the employee. Bumpbie finds itself in a situation where it could positively affect its employee’s morale, turnover rate and longevity; by making a strategic decision to implement compensation and benefit packages that will encourage current workers to stay and entice new applicants. Money is not always the inherent reason businesses experience high turnover rate, the constant shifting in the job market will always be a contributing factor as well as employee’s moral. Mayhew, R. (2016), explains that an “employee compensation plan” refers to all the components offered as well as the way in which they are paid, and the reason behind the employees getting the compensation case bonuses, salary increases and incentives. The fact that there are voluntary and mandatory benefits that organization provides to their employees give employees the freedom of choice, as well as the option to make the whether to stay with or leave an organization based on the benefits it provides. Variable Pay is also an option that some employers offer their employee which is performance based or results oriented. Whether it is profit sharing, merit based programs or incentive bonuses; it all comes down to which organization can provide employees with the compensation or benefits packages that best satisfy their needs.

This paper will outline an employee compensation and benefits package for a new hire for a secretary for the department. First, it will describe the organization I chose for designating a compensation package. Next, this paper will develop an employee compensation and benefits package for this new position. This paper will outline an employee compensation and benefits package for a new hire for a secretary for the department. First, it will describe the organization I chose for designating a compensation package. Next, this paper will develop an employee compensation and benefits package for this new position. Attached to this paper is a Powerpoint presentation that will detail this employee compensation and benefits package, as well as an the eligibility of exempt or non-exempt status, other benefits that might be considered, government regulations that influence the compensation, two other organizations with similar compensation, and how this package aligns with the HRM strategy.