When looking for a new job (or thinking about the job that you already have) review the following list of mandated and optional employee benefits. Check with your human resources department to make sure that you are taking advantage of all the benefits for which you qualify!
Mandated Employee Benefits
Social Security: This pays into a fund to provide retirees a monthly payment proportional to the time they spent in the formal job market.
Unemployment Insurance: This pays into a fund to pay individuals who lose their job.
Workers Compensation: This pays into a fund to pay individuals who are injured or become ill as a result of their job.
Optional Employee Benefits
Paid Time Off
Vacation and Holiday Time: Employees might qualify for paid vacation days or paid holidays depending on their length of employment and other employer requirements.
Sick and Personal Time: Many full time jobs and some part time jobs offered paid sick time to their employees. Some jobs even offer paid personal time off for appointments normally only available during regular business hours. The Family and Medical Leave Act also allows certain workers up to 13 weeks of unpaid leave to care for a family member.
Insurance
Health Insurance
Employees who have the option to participate in their employer's group insurance plan sometimes find it more affordable than purchasing it through a state exchange.
If you are married, review your employer's health insurance plan and compare it to your spouse's. You may find that one is less expensive than the other.
Flexible Spending Accounts (FSA) are pre-tax savings accounts that can be usedf or certain medical or child care expenses. Employees make regular deposits in these accounts through the payroll process. It is important to remember that FSAs run on the calendar year so if you don't use it you lose it!
Once an employee separates from an employer he or she is able to continue with the group health plan for a certain number of months through federal COBRA regulations.
Life and Disability Insurance: Review the terms if you employer offers this type of insurance. Group plans for life or disability are frequently very inexpensive.
Retirement
Defined Benefit Pension Plans: Defined Benefit Pension Plans divert a portion of an employee's pay into a fund that then guarantees a regular payout after that employee has retired.
Defined Contribution 401(K) Plans: A Defined Contribution 401(K) Plan is a voluntary retirement plan that diverts a portion of an employee's pre-tax pay into investments of their own choosing. The employee then receives the amassed investments once they retire. Some employers will match a portion of an employee's salary that is deposited into a retirement account. Not taking advantage of this benefit is like leaving money on the table!
