By Definition – In general, indirect and non-cash compensation paid to an employee. Some benefits are mandated by law (such as social security, unemployment compensation, and workers compensation), others vary from firm to firm or industry to industry (such as health insurance, life insurance, medical plan, paid vacation, pension, gratuity).
Payroll Service Plus offers a wide range of benefits to offer your employees. Let us know if you need any further information on the below offerings.
Cafeteria Plans – Section 125
Premium Only Plans – POPs
Your employees have pretax deductions from their paychecks to pay for qualified insurance premiums.
Flex Spending Accounts – FSAs
Your employees have pretax deductions from their paychecks deposited into flexible spending accounts. These funds are reimbursed to employees for out-of-pocket healthcare expenses or dependent care expenses.
We contract with third party service providers to offer a wide range of life, disability, accident and group health benefit plans. Our number one priority is to ensure that you get the best service and lowest price from any vendor, not to ensure that we get the highest commission.
We take care of all calculations, reporting, and checks or electronic transfers of your company’s 401(k) contributions and company matches. We can electronically transfer the necessary data to your providers. We also provide quarterly management reports and employee statements.