Employee Benefits
Get the Most for Your Benefit Dollar
Company-provided employee benefits are a significant part of any compensation program. Northwest Employee Relations, Inc. will analyze your current benefit program to see if you are getting the most for your benefit dollar. We will tell you where your company stands compared to comparable businesses in your industry, and the chances are good that we can put together a benefit package that will give your employees equal or better benefits and save you money at the same time.
We will help you plan or change a benefit program, including vacation, holidays, sick leave, leaves of absence, life and health insurance plans, flexible benefit programs, and defined contribution investment/retirement plans.
401(k) Plans
Even if you already have a retirement plan, check out the advantages and costs of changing to a defined contribution plan. The extra flexibility may be well worth the cost of changing. Northwest Group Benefits, Inc. will design a 401(k) with a flexible benefit format or as a thrift, profit sharing, or stand-alone plan. We can help you make an informed decision if one of these plans would be advantageous for you and your employees and what it would cost.
The defined contribution plan most popular with both employees and employers is the 401(k) plan. Quick participation (most plans require one year of service) is one reason for its popularity with employees.
Reducing taxable income by setting aside an investment amount that is taxed upon withdrawal can help both management as well as employees. In addition, in many cases an employee can vary contributions to take advantage of earning years that may also vary. A 401(k) plan may also be instituted as part of a cafeteria (125) or "flexible benefit" program.
The more effectively you "sell" their benefits to your employees, the more they appreciate them. An annual benefit statement is one of the most effective ways your company can make its employees aware of the real value of the benefits you provide. A benefit statement includes a summary of all current benefits, a statement on balances in benefit programs, and most important of all a detailed listing of the costs of the benefits you provide your employees. Once a year, you each employee sees exactly what you pay them, Not their take stated hourly rate or salary, but the 35% to 50% more the company actually spends to employe them. Phone for a sample.