Benefits of Compensation

The benefits of compensation is all about the retirement plans, health life insurance, life insurance, disability insurance, vacation, employee stock ownership plans, etc. Benefits are increasingly expensive for businesses to provide to employees, so the range and options of benefits are changing rapidly to include, for example, flexible benefit plans. Compensation includes topics in regard to wage and/or salary programs and structures, for example, salary ranges for job descriptions, merit-based programs, bonus-based programs, commission-based programs, etc. See
Executives say employee benefits help companies compete but have an incomplete understanding of benefits and how they perform. Results of a McKinsey Survey. pdf-file. 2006. Article starts at page 12 The following are the benefits of compensation.

Employee Benefits Qualified Retirement Plans v  Includes defined benefit and money purchase pension plans, 401(k) and 403(b) plans, profit sharing plans and ESOPs  v  Multi-employer plans and multiple employer plans  v  Planning with regard to program structure and design  v  Drafting of documents and amendments, trust agreements and summary plan descriptions  v  Review of agreements with record keepers, investment advisors and other service providers  v  IRS submissions of plans and amendments  v  Drafting of loan procedures and supporting documentation, QDRO procedures, investment policies, election and beneficiary designation forms, distribution election forms and tax notices, other administrative forms and other plan policies and procedures  v  Drafting of procedures to minimize fiduciary liability for self-directed individual account plans to comply with Section 404(c) of ERISA  v  Advice on other fiduciary and ERISA compliance matters  v  Plan terminations and mergers  v  Correction of administrative and document errors pursuant to IRS procedures  v  Tax planning with regard to participant distributions  v  Advice and counsel to public employee retirement plans on design, compliance, administrative and operational issues v  Fiduciary Audit® Operational Review — a proprietary governance control system and audit process that provides plan fiduciaries the opportunity to be eligible for enhanced insurance protection (coverage for IRS monetary sanctions and the cost of IRS-mandated benefit corrections)