Valuing People Over Profits

Employee Benefits Plans | Columbia, SC

When it comes to starting, maintaining, and growing your business, employee benefits should be a key consideration. Robust and flexible employee benefits packages can help you to attract and retain top talent. Our advisors at The Templeton Group of Cornerstone Financial Management can assist you in building an employee benefits plan that is right for your employees and your company.

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Retirement Plans

Finding the right option for your company’s retirement plan is important. The most popular options for group retirement plans include IRA and 401(k) plans.

Among retirement plans, the most common option for small businesses is a 401(k) plan. A 401(k) plan is voluntary, allowing employees to contribute pre-tax earnings. Employers can also match 401(k) contributions if they desire. Your employees will be able to borrow against their 401(k), withdraw from the plan prior to retiring (subject to a penalty), or receive distributions tax-free upon retirement. Whether you want to implement a 401(k) plan or consider other retirement plan options, our advisors can help you understand the benefits of each.

Insurance Plans

Health insurance plans are another popular way for small businesses to attract and retain talent as part of a comprehensive employee benefits plan. There are multiple options for small businesses and companies to provide health insurance plans for their employees. Some of these options include HMOs, PPOs, POS Plans, and HDHPs.

The most popular health insurance options for small businesses are HMOs and PPOs.

  • HMOs, or Health Maintenance Organizations, theoretically offer lower costs for healthcare by providing employees with healthcare from a network of providers. The employee pays a copayment for their doctor visit, while the plan covers the remainder.
  • PPOs, or Preferred Provider Organizations, are typically more expensive but offer greater freedom for employees to access their healthcare provider of choice. Employees can see specialists out-of-network healthcare providers, though they normally should expect to pay additional out-of-pocket fees.

Other Benefits Options

Beyond retirement plans and insurance plans, employee benefits packages can cover a wide array of benefits, including dental insurance, flexible spending accounts, family medical leave, flexible work arrangements, maternity leave, and vacation time.

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If you’d like to structure your business’ employee benefits package to be attractive and affordable, our advisors at The Templeton Group in Columbia, SC can help you decide what options may work best for you.

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