Employee Benefit Options Oct 2008
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Transcript of Employee Benefit Options Oct 2008
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Creative Employee Benefit Creative Employee Benefit Options Options
for Nonprofit Agenciesfor Nonprofit AgenciesCo-sponsored by the Southeast Steuben County Library Co-sponsored by the Southeast Steuben County Library
and the Community Foundation of Elmira-Corning and the and the Community Foundation of Elmira-Corning and the Finger LakesFinger Lakes
A Presentation by A Presentation by Peter Andrew,CEO Peter Andrew,CEO
Council Services PlusCouncil Services [email protected]
www.councilservicesplus.com(877) 501-4CSP(877) 501-4CSP
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Who is CS Plus?
Only NYS Insurance Agency dedicated to NYS Nonprofits
Saved over $300k for nonprofits in 2007
100% of our net profits go back to the NYS nonprofit community
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Today’s Today’s AgendaAgenda
1.1. Statutory Statutory BenefitsBenefits
2.2. Health & Dental Health & Dental PlansPlans
3.3. Retirement & Retirement & Voluntary Voluntary Benefit PlansBenefit Plans
4.4. Cafeteria PlansCafeteria Plans
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•Why Offer Benefits
•Benefits in New York State– Statutory Benefits– Employer Provided Benefits
•Total Cost of Benefits
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NYS DBL •Most all Employees must have•All EE’s (including Part Time) are eligible•Provides for up to 26 weeks of benefit •Provides 50% of pay to a max of $170/Wk after 7 days of disability•Offered through NYSIF and other carriers
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Workers Comp
•Provides workers with medical payments and reimbursement of wages if injured on the job
•EE is eligible for 2/3 of pay up to $550 /Wk (eff 7/1/08)
•Coverage mostly provided by NYSIF, but a few other carriers do offer
•Landmark Reform passed in March of 2007- look for changes
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Unemployment Options…Unemployment Options…
Pay Tax (Pay Tax (Contributor)Contributor)
Fully Self Insure (Reimburser)Fully Self Insure (Reimburser)
Join a Savings ProgramJoin a Savings Program
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Health InsuranceHealth Insurance
• Community Rating in Community Rating in NYSNYS
• Do you want to be Do you want to be community ratedcommunity rated
• To leave or not to To leave or not to leave.. That is the leave.. That is the questionquestion
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Health Insurance optionsHealth Insurance options
• Wellness PlansWellness Plans
– WhatWhat
– WhyWhy
– WhenWhen
– WhereWhere
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Health Insurance OptionsHealth Insurance Options
• Health Health Reimbursement Reimbursement Accounts (NOT HSA)Accounts (NOT HSA)
• Why do I like them?Why do I like them?
• Why would you like Why would you like them?them?
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Retirment & Voluntary Retirment & Voluntary BenefitsBenefits
•Retirement Plans- 401(k)- 430(b)
• Voluntary Benefits-Short-term Disability -Cancer/Critical
Illness-Vision
•Payroll Deductions
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Cafeteria PlansCafeteria Plans
• What are they What are they really???really???
• Why should we do it??Why should we do it??
• What does the IRS What does the IRS have to do with it?have to do with it?
• What am I What am I suggesting????suggesting????
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THANK YOU FOR YOUR THANK YOU FOR YOUR TIME…TIME…