EssaysExperts.net is the only custom writing service that uses ultra modern approaches coupled with thorough training in providing high quality academic writing services. Our services will enable you achieve success and realize your academic dreams. At http://www.essaysexperts.net/ ,we are the best solution for your acdemic assignments

1. Sample Essay on Benefits and Retirement Plans
Employee benefits are divided into two. Required benefits are those protected by law
and must be compulsorily issued to employees without fail whilst optional benefits are
those given by employers based on their personal initiative and decision. The following
are some of the benefits that are required and compulsory by law:
Social security: Every employer is required to pay social security taxes to the
government. This amount must be similar to what is paid by the employee and currently
the rates stand at 6% for the employees and employers. In addition, social security is
also encompassed in medicare and this is an extra 1.5% for both employer and
employee.
Unemployment insurance: This is an employment benefit that is compulsory and is
paid at state level. In order to pay up for this tax, one must register their business with
the owner's nation's workforce agency (Beesley 45) and pay the tax to the location they
are situated at.
Workers' compensation: Also referred to as disability benefit, this mandatory
benefit is normally paid by employers to employees who become disabled due to injuries
or illnesses that are caused by occupational hazards or accidents. Different countries
offer different mandates and regulations regarding this benefit. Currently, employers
are required to purchase disability benefits if their workers are situated in New York,
Rhode Island, Hawaii, California and Puerto Rico. Nevertheless, employers can opt to
offer private benefits if their employees are from other countries and areas other than
those mentioned above.
Family and medical leave: Even though regular vacation leave is usually not a
compulsory benefit, employers who hire more than 50 workers are compelled to offer
leave in accordance with the Family and Medical Leave Act. This mandates that
employers provide 12 weeks of work protected, in addition to unpaid leave in any 1 year
period to every eligible and covered employees. Such leave can be provided on grounds
such as personal healthcare, child care, birth, or immediate family care.
Optional employee benefits

2. The following benefits are optional and provided depending on the employer's
discretion:
Leave benefits: The federal law does not compel employers to offer most of the
common leave benefits. Employers choose to offer these benefits including
vacation/holiday, funeral leave, sick leave and personal leave as part of compensation
plans. However, the Family and Medicare Leave Act makes it compulsory for employers
to provide leave (not leave benefits) to employers.
Healthcare insurance: Again, federal law does not stipulate that employers must give
health and life benefits for their employees. Although, some employers at their own
discretion may grant full provision of health care benefits, most prefer the co-payment
basis that are paid by both employees and employers (Mikhitarian 12).
Paid holidays: While this type of benefit is not enforced by federal laws, it is offered to
employees depending on the employer. It basically entails offering full payment for
employees who do not work during holidays and full pay premium pay for those
employees that work during holiday. Employers who offer paid holidays choose the
periods within which the holiday is given.
I regard health care insurance as the most important optional benefits because it
indemnifies one during unpredictable circumstances and also helps people to access
medical care that can help them improve their health. There is assurance of obtaining
relevant treatment in case of health concerns. in particular it is important for children to
get both preventive medical care such as immunization and actual treatment for
different ailments. By getting access to preventive medical care, adults can also be able
to detect health problems early and arrest them before they escalate. Health insurance
can guarantee access to both preventive medical care and treatment of actual ailments.
It is advisable for people who work in construction jobs, factories, driving jobs and other
hazardous jobs to take health insurance because they tend to be susceptible to accidents
and health problems (Boutwell 23).
Organizations usually provide their employees with varied forms of retirement plans
and these are the fringe benefits that help to retain employees. In some cases, these
retirement benefits come with extra tax benefits and offer retiring employees income
after retirement. Retirement benefits vary with each organization and are dependent on

3. diverse factors such as the size of the organization and the age of the workers on
average. Retirement plans can include any of the following:
401(k)
The 401 (k) is retirement plan through which employees are allowed to make pre-taxed
payments towards a viable retirement savings plan which earns them interest. However
this interest is not constant until when withdrawn and in most cases, the employer
usually matches up what the employee pays. Saving options under this retirement plan
may range from company stock, mutual funds, money and bond market funds, with
options for the employee to change the distribution frequencies and plans of his or her
savings at selected intervals (Shah 59).
403(b)
This is a retirement plan which organizations such as public schools and churches
prefer. Although it is similar to the 401 (k) in one way, it offers more tax exemption.
Employees make tax deductible payments which are then matched by the employer to a
specific percentage. The money grows on a tax deferred basis just as is the case in 401
(k) retirement plan. an organization can offer a 403(b) plan that works in similar way
to a 401(k).
Profit Sharing
In the profit sharing plan, employees save up for retirement by investing part of the
organization's profits and sharing this wealth. The employer decides on the amount of
funds that can be contributed by the company towards the savings plan but this is
determined by the income of the workers. On their part, employees do not make any
contributions towards this plan.
Get professional academic writing help with http://www.essaysexperts.net/ .We are the
best in the field to help you achieve good grades.Place your assignment with us and
enjoy your success.

4. Works Cited
Beesley, C. Employee benefit plans: what law and what’s optional. 7 May, 2009. Web 4
November, 2013.
Boutwell, S. Fixing broken retirement plans under the new IRS procedures. Journal of
financial services professionals (2013): 67-23.
Mikhitarian, C. & Wukitsch, J. Revisiting contributory defined benefit plans. Retirement
security journal (2001): 57-12.
Shah, G. Incorporating employee heterogeneity into default rules for retirement plan
selection. The journal of human resources (2012): 199-57.