Employee Benefits

Apr 13, 2011

By Staff writer State Farm™ Employee

Companies use benefits to attract and retain employees. To take full advantage of what your company offers, you need to understand the terminology and the options available. Making smart choices may be able to help you save for retirement, pay medical bills, ensure your family is taken care of if you become disabled, and more.

Retirement Plans

Employer-sponsored retirement plans can help keep money coming in after you’re no longer working. Whether your company has a defined benefit plan or a defined contribution plan, you’ll want to take full advantage of what’s offered. Maximizing your own contributions, especially in the early stages of your career, uses the power of compounding to build your savings. The following articles will help you understand common retirement options.

Insurance Plans

Employer-provided insurance can help take care of you and your family. Your company may offer a variety of plans and coverage options, so you’ll need to do a bit of research to understand what is right for your situation. You may be able to set up reimbursement accounts that let you pay for medical or dependent care costs with pre-tax dollars. The following articles will help you understand the basics.

Other Benefits

Your company may help you get a college degree, pay for your child’s education, or get counseling. You may receive a bonus in the form of company stock, or you may have an option to buy your company’s stock at a special price. The following articles explain some common program options.

Tax Considerations

Your total compensation is salary plus benefits. You know you pay taxes on your income. What about your benefits? The following article will help you understand when taking advantage of how an employee benefit may increase your tax bill: Paying Taxes On Benefits.

Leaving Your Job?

Employee benefits are designed for employees of the company. If you stop being an employee, these benefits typically disappear. Make sure you understand your options for extending health coverage and managing any retirement monies after you walk out the door: Maintaining Your Benefits.

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