Your Benefits Package: The First Steps

Companies that want to keep a solid base of quality employees almost have to offer medical and life insurance. Next, I think, most employees look for disability coverage, with most picking short-term before long-term - though we'll discuss the wisdom of that choice. If your company is doing well, you also might think about adding a profit sharing plan. A 401(k) is less popular; it involves a lot more administrative cost, and sometimes is hard to sell. While well-paid employees may like it and be able to make the contributions, a 19-year-old is more concerned about making a car payment. That can be a problem because if only high-salaried staff members join your plan, it may become "top heavy" and leave you open to charges of discrimination. Pension plans often don't rank high for many small businesses, because of the cost and long-term commitment involved. Today, a pension plan must c

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