Employee Benefits
In today’s labor market, finding quality employees that are the right fit for your company can be a challenge. Keeping them happy by maintaining high morale and continually bolstering motivation presents its own challenges. While these are daunting tasks on their own, we can help you create a custom competitive benefits package that helps to keep your employees onboard for the long haul. If you’ve never considered implementing a benefits package, or if you’re on the fence, here are some things to consider:
Although a competitive employee benefits package is an added expense to your business, it is typically much less than the cost of finding, training, and retaining new employees.
Having the right benefits can help reduce employee turnover, which can help your company’s long-term stability and help to keep your employees motivated.
We can work with you through a wide range of benefits that you can offer to your employees, meaning that the end benefits package is something that fits your specific needs and budget. Certain options can come at little to no cost to you, such as a voluntary payroll deduction program.
Regardless of your needs, Summit Wealth is here to help. Some of our key benefit offerings are detailed below.
Group Major Medical Plans
These plans cover expenses associated with medical needs, hospital stays, and healthcare.
Group Disability Insurance Plans
If an employee experiences a short- or long-term disability, group disability plans offer basic salary compensation. Competitive rates are also available on your state-required disability.
Group Life Insurance Plans
These plans provide life insurance for each individual employee.
Group Dental and Vision Plans
This kind of plan offers coverage for dental and vision expenses for your employees.
Flexible Spending Accounts*
Flexible spending accounts help provide a way to make eligible out-of-pocket costs pre-tax, which could be a tax savings for you and your employees.
Voluntary Coverage*
There are several voluntary coverage options that can enhance your benefits program without any additional out-of-pocket cost for you. Products such as whole and universal life insurance, dental insurance, vision insurance, short- or long-term care, and cancer protection are offered. There could be a cost associated with setting up payroll deductions.
Retirement Plans
We offer a variety of retirement plans for you and your employees including 401(k), profit sharing, defined contribution, and defined benefit. We can work with you to find the best way to fund these qualified and non-qualified plans, depending on what works best for your business.
^ Please consult your own tax advisor for tax advice.
*Your participation in the payroll deduction life insurance program is completely voluntary. Since this program is not intended to be subject to the Employee Retirement Income Security Act of 1974(ERISA), your employer cannot contribute to or endorse any policy offered under this program.
Our Location
100 Jericho Quadrangle
Suite 325
Jericho, NY 11753
