employee benefit options oct 2008

Creative Employee Benefit Creative Employee Benefit Options Options

for Nonprofit Agenciesfor Nonprofit AgenciesCo-sponsored by the Southeast Steuben County Library Co-sponsored by the Southeast Steuben County Library

and the Community Foundation of Elmira-Corning and the and the Community Foundation of Elmira-Corning and the Finger LakesFinger Lakes

A Presentation by A Presentation by Peter Andrew,CEO Peter Andrew,CEO

Council Services PlusCouncil Services Pluspandrew@councilservicesplus.com

www.councilservicesplus.com(877) 501-4CSP(877) 501-4CSP

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

Today’s Today’s AgendaAgenda

1.1. Statutory Statutory BenefitsBenefits

2.2. Health & Dental Health & Dental PlansPlans

3.3. Retirement & Retirement & Voluntary Voluntary Benefit PlansBenefit Plans

4.4. Cafeteria PlansCafeteria Plans

•Why Offer Benefits

•Benefits in New York State– Statutory Benefits– Employer Provided Benefits

•Total Cost of Benefits

NYS DBL •Most all Employees must have•All EE’s (including Part Time) are eligible•Provides for up to 26 weeks of benefit •Provides 50% of pay to a max of $170/Wk after 7 days of disability•Offered through NYSIF and other carriers

Workers Comp

•Provides workers with medical payments and reimbursement of wages if injured on the job

•EE is eligible for 2/3 of pay up to $550 /Wk (eff 7/1/08)

•Coverage mostly provided by NYSIF, but a few other carriers do offer

•Landmark Reform passed in March of 2007- look for changes

Unemployment Options…Unemployment Options…

Pay Tax (Pay Tax (Contributor)Contributor)

Fully Self Insure (Reimburser)Fully Self Insure (Reimburser)

Join a Savings ProgramJoin a Savings Program

Health InsuranceHealth Insurance

• Community Rating in Community Rating in NYSNYS

• Do you want to be Do you want to be community ratedcommunity rated

• To leave or not to To leave or not to leave.. That is the leave.. That is the questionquestion

Health Insurance optionsHealth Insurance options

• Wellness PlansWellness Plans

– WhatWhat

– WhyWhy

– WhenWhen

– WhereWhere

Health Insurance OptionsHealth Insurance Options

• Health Health Reimbursement Reimbursement Accounts (NOT HSA)Accounts (NOT HSA)

• Why do I like them?Why do I like them?

• Why would you like Why would you like them?them?

Retirment & Voluntary Retirment & Voluntary BenefitsBenefits

•Retirement Plans- 401(k)- 430(b)

• Voluntary Benefits-Short-term Disability -Cancer/Critical

Illness-Vision

•Payroll Deductions

Cafeteria PlansCafeteria Plans

• What are they What are they really???really???

• Why should we do it??Why should we do it??

• What does the IRS What does the IRS have to do with it?have to do with it?

• What am I What am I suggesting????suggesting????

THANK YOU FOR YOUR THANK YOU FOR YOUR TIME…TIME…