With companies on the lookout for incentives to attract and keep quality employees, many have turned to innovative benefit programs. Some employers have pioneered unique benefits such as pet insurance, concierge services, and in-office massages. That offer should be too good to pass up. Yet many employees do not take advantage of it.
Low participation can also cause a plan to fail applicable non-discrimination standards.
Automatic enrollment may help. The IRS recently published guidance on how employers can establish qualified transportation spending account plans to permit their employees to pay the following expenses on a pre-tax basis. The marketing of qualified retirement plans and the methods of establishing plans has increased in the last several years. This article describes different ways a retirement plan may be adopted and the advantages and disadvantages of each. Under the standard, employers must begin to comply with its requirements by October 15, 2001.