Employee Benefit Options Oct 2008

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Employee Benefit Options Oct 2008

  1. 1. Creative Employee Benefit Options for Nonprofit Agencies Co-sponsored by the Southeast Steuben County Library and the Community Foundation of Elmira-Corning and the Finger Lakes A Presentation by Peter Andrew,CEO Council Services Plus [email_address] www.councilservicesplus.com (877) 501-4CSP
  2. 2. Who is CS Plus? Only NYS Insurance Agency dedicated to NYS Nonprofits Saved over $300k for nonprofits in 2007 100% of our net profits go back to the NYS nonprofit community
  3. 3. Today’s Agenda <ul><li>Statutory Benefits </li></ul><ul><li>Health & Dental Plans </li></ul><ul><li>Retirement & Voluntary Benefit Plans </li></ul><ul><li>Cafeteria Plans </li></ul>
  4. 4. <ul><li>Why Offer Benefits </li></ul><ul><li>Benefits in New York State </li></ul><ul><ul><li>Statutory Benefits </li></ul></ul><ul><ul><li>Employer Provided Benefits </li></ul></ul><ul><li>Total Cost of Benefits </li></ul>
  5. 5. <ul><li>NYS DBL </li></ul><ul><li>Most all Employees must have </li></ul><ul><li>All EE’s (including Part Time) are eligible </li></ul><ul><li>Provides for up to 26 weeks of benefit </li></ul><ul><li>Provides 50% of pay to a max of $170/Wk after 7 days of disability </li></ul><ul><li>Offered through NYSIF and other carriers </li></ul>
  6. 6. <ul><li>Workers Comp </li></ul><ul><li>Provides workers with medical payments and reimbursement of wages if injured on the job </li></ul><ul><li>EE is eligible for 2/3 of pay up to $550 /Wk (eff 7/1/08) </li></ul><ul><li>Coverage mostly provided by NYSIF, but a few other carriers do offer </li></ul><ul><li>Landmark Reform passed in March of 2007- look for changes </li></ul>
  7. 7. Unemployment Options… Pay Tax ( Contributor) Fully Self Insure (Reimburser) Join a Savings Program
  8. 8. Health Insurance <ul><li>Community Rating in NYS </li></ul><ul><li>Do you want to be community rated </li></ul><ul><li>To leave or not to leave.. That is the question </li></ul>
  9. 9. Health Insurance options <ul><li>Wellness Plans </li></ul><ul><ul><li>What </li></ul></ul><ul><ul><li>Why </li></ul></ul><ul><ul><li>When </li></ul></ul><ul><ul><li>Where </li></ul></ul>
  10. 10. Health Insurance Options <ul><li>Health Reimbursement Accounts (NOT HSA) </li></ul><ul><li>Why do I like them? </li></ul><ul><li>Why would you like them? </li></ul>
  11. 11. Retirment & Voluntary Benefits <ul><li>Retirement Plans </li></ul><ul><li>- 401(k) </li></ul><ul><li>- 430(b) </li></ul><ul><li>Voluntary Benefits </li></ul><ul><li>-Short-term Disability </li></ul><ul><li>-Cancer/Critical Illness </li></ul><ul><li>-Vision </li></ul><ul><li>Payroll Deductions </li></ul>
  12. 12. Cafeteria Plans <ul><li>What are they really??? </li></ul><ul><li>Why should we do it?? </li></ul><ul><li>What does the IRS have to do with it? </li></ul><ul><li>What am I suggesting???? </li></ul>
  13. 13. THANK YOU FOR YOUR TIME…

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