When it comes to your business, you can’t afford to skimp on your company’s retirement or welfare plan. A solid employee welfare plan can help attract and retain talent, differentiating your business from competitors. By offering a competitive welfare and retirement plan, your company instantly becomes more attractive to prospective hires by showing them you’re invested in their health and post-career life. We know that offering these plans boosts employee morale and is mutually beneficial to both the company and its employees, but what exactly is the difference between a welfare plan and a retirement plan?
A welfare plan is a plan established by an employer or union that provides specified medical, dental, visual, psychiatric, or long-term health care benefits to participants and their dependents. Health care plans and benefits are an important factor that employees take into consideration when searching for a job. It is important to provide a health care plan that not only benefits your employees, but your company as well.
Because of increasing health care costs and IRS and Department of Labor regulations, you should reevaluate your plan’s offerings regularly. Regulations are always changing, and can be a difficult, hard to understand process for companies to deal with. You may consider hiring the help of a welfare plan consultant when designing your company’s new health care plan (or when reevaluating the current plan). Experienced welfare and retirement plan consultants are skilled at understandings to your company’s needs and shopping around for you to ensure your plan is the best fit for your company.
Just like welfare plans, creating a retirement plan for your company can be a difficult and confusing process. Is your current plan in compliance? Does it provide maximum benefit to you and your employees? These are all questions you as a business owner or HR Representative must ask yourself. Your retirement plan must meet all current (and ever-changing) IRS and Department of Labor regulations, which can be a headache for a busy business professional to stay on top of.
The retirement plan consultants at Noble Davis have over 30 years of experience in welfare and retirement plan design and management. Our consultants get to know your company’s individual wants and needs to design and manage a plan that works best for your company and employees. Once the plan is designed, the assistance provided doesn’t stop there. We also help guide your employees through the process of selecting and utilizing their own plan so that they know how they can benefit from the services that are being offered.
Our consultants continue to assess the needs of your company and ensure that the plan you choose meets all current regulations. We also make adjustments as necessary. Noble Davis believes welfare and retirement plans should be smart, simple and worry-free. Whether your company already has a plan in place or needs help designing one, Noble Davis is here to help. Get a free proposal here or contact our office toll free at 1-888-657-0702.