Conduct some research to identify examples of innovative ben

Conduct some research to identify examples of innovative benefit practices. A useful starting point is an Internet search using phrases such as \"best companies to work for.\"

Retirement programs: Provide income to employees and their beneficiaries during some or all their retirement. Describe two retirement programs.

Solution

1.Landing a dream job isn’t always just about the actual work. Among the best companies to work for, employee review platform Glassdoor found that employees were just as jazzed about mission-driven company cultures, great career advancement opportunities, and amazing benefits and perks.

Benefits mean a lot to a personal bottom line, which is one reason why companies shouldering the cost of offering extended paid parental leave have made headlines for offering new moms and dads unprecedented time off with full pay, as well as the ability to transition back to their responsibilities. Now with the surge of millennials in the workforce, many of whom are coming in with heavy college debts, even savings options such as the 401(k) are evolving. An estimated 3% of private sector businesses, according to the Society for Human Resource Management, are starting to offer help with student loan repayment.

Recent research from Glassdoor found that more than half (57%) of people said benefits and perks are among their top considerations before accepting a job, and four in five workers say they would prefer new benefits over a pay raise.

The Top Five Benefits Ranked By Employees

Perks also factored into the CareerBliss ranking of the happiest companies. As one Adobe employee noted on the CareerBliss platform: “The company has great perks for their employees that include company parties, outdoor activities, indoor pool and ping-pong tables, and a computer gaming room. They also have a great cafeteria that provides excellent food.”

Overall, according to Glassdoor Benefits Reviews, there are more than 50 specific benefits and perks offered at any company, including health insurance, 401(k), adoption assistance, tuition assistance, and others. Glassdoor identified some of the more unique benefits and perks in a recent analysis of hundreds of thousands of benefits reviews shared by employees on Glassdoor since August 2014.

The Best Company Benefits And Perks:

Among the offerings: Accenture covers gender reassignment for their employees as part of their commitment to LGBTQ rights and diversity, while Zillow foots the bill for moms who need to overnight breast milk to their babies while they are traveling on business.

2.Types of Retirement Plans Offered by Businesses

One method used by businesses to retain employees is to offer them a variety of fringe benefits. One of the more popular benefits is a retirement plan. The type of retirement plans that are offered depends on factors such as the size of the business and the overall age of the workforce. In some cases, retirement plans can offer tax benefits as well as retirement income.

1.     Defined Benefit

A defined benefit plan is most often used by companies that have a large number of older employees who need to accumulate funds in a short amount of time. Employees are permitted to contribute up to 100 percent of their income based on their highest income level over a consecutive 3-year period. In return, the employee receives a guaranteed retired benefit, as well as the ability to deduct the contributions from their taxes. The amount an employee must contribute on a quarterly basis is determined by an actuary.

2. 401(k) Plan

A 401(k) plan allows employees to make pre-tax contributions to a retirement savings vehicle. The interest that is earned grows on a tax-deferred basis, meaning that the money is not taxed until it is withdrawn. In many cases, the employer will match the employee\'s contribution up to a certain amount. Investment options can range from mutual funds, company stock, bonds and money market funds, and the employee can change how the funds are distributed at select intervals.