Offering good employee benefits, such as health insurance, as well as a retirement plan are important benefits when hiring staff in the United States. Unlike most industrialized countries, the US doesn’t have a comprehensive national health care system or a government funded retirement system.
While some progress has been made to provide better health care with the Affordable Care Act which was passed in 2010, the main responsibility for health insurance still lies with employers. Finding a good and affordable plan can be a daunting task which is why we recommend to work with a reputable benefits provider.
Franklin D. Roosevelt passed Social Security in 1935 and this program offers some level of retirement income for the elderly. However, these programs cannot be compared to plans in Europe for example and must be supplemented by private retirement plans. In 1978, Congress passed a law that allowed the creation of so-called 401(k) Plans, which gives employees a way to save pre-tax income for retirement purposes. A company can sponsor a 401(k) Plan, which is essentially a savings trust that belongs to its employees. A large number of providers offer 401(k) Plans that offer a variety of investment options such as stocks, bonds or so-called target funds.
Health insurance and retirement plans are vital parts of an employment package and are essential to attract and retain highly qualified people. Offering attractive employee benefits can be a challenging task, thankfully there are companies in the US that will assist even small companies establish a competitive employee benefits program. Next to being a good HR resource, these companies will also help ensure you remain in legal compliance. Business Experts US works with fully qualified partners that will help create an attractive benefits program for your US staff and also ensure legal compliance. You can find more information at www.businessexpertsus.com
