Let’s face it, your employees are your most valuable business resource. A well-designed benefits package enhances the value of your work force by focusing on your employees’ needs and your business objectives. But deciding which plan is best for your company can be intimidating. We work with our clients to develop a benefit package best meets their needs. In today's market, a competitive benefits package may be an excellent recruitment tool and can improve employee retention. Benefit plans address your employees' need for healthcare, retirement, holiday pay and paid vacation time. More in-depth plans cover flexible spending and day care. We can help you decide which plan is best for your company.   Retirement Plans You can choose from several types of retirement plans. The SIMPLE IRA is like a simplified 401(k) for businesses with fewer than 100 employees. Employees receive matching funds from their employer and can contribute up to $10,500 for year 2007. Employees over 50 can contribute an additional $2,500 “catch-up.” Contributions are deducted from the paychecks of each participant and receive a matching contribution from the employer. 401(k)and 403(b) plans allows employees to give a portion of their earnings to a retirement plan on a pre-tax basis. The employer can choose to match contributions in order to encourage employee participation. An Employee Stock Option Program, or ESOP, is a retirement plan that invests primarily in employer stock. Contributions into an ESOP are tax deductible up to 25%. This allows employees to have a sense of ownership and share in the company growth. A Defined Benefit Plan is the only qualified retirement plan that gives employees a guaranteed retirement benefit. These plans allow the participant to cash out upon retirement or draw a monthly benefit based on compensation and years of service. Defined benefit plans are ideal for smaller employers unable to save for retirement in their early years. It allows them to play catch up. Profit Sharing plans allow employees to share in company profits and give the employer flexibility in determining the amount of annual contribution. Employer Group Plans   Hennie van Bulck and Dave Ramsey discuss employee benefit plans www.daveramsey.com/ Health savings accounts (HSAs) give individuals and employees more choice and control over their health care. These accounts, paired with high-deductible health plans (HDHPs), help employers cope with rising health care premiums by changing consumer behavior and creating a culture of responsible health consumers.    HSAs are tax-free accounts where money is deposited either by an individual, an employer or both and withdrawn at any time to pay for qualified medical expenses. HSAs allow individuals or employees to carry over unused funds from one year to the next, and to keep the account if they retire or change employers. HSAs must be paired with a qualifying high-deductible health plan (HDHP), which among other requirements, carries a minimum deductible of $1,000 for individuals and $2,000 for families.   Medical Reimbursement (Section 105) Plans  A self-insured medical expense reimbursement plan is treated as accident and health insurance under section 105(e). Thus, medical expense reimbursements that are paid under a plan are excludable from the employee’s gross income under section 105(b).  Group health plans can be very flexible and may offer significant tax benefits to both the employer and the employees. A group medical plan (or health plan) provides payment to employees for illness or injury. The cost of the plan may be picked up entirely by the employer or the participants. However, the employer and participants typically share the cost. For purposes of defining a plan, it is immaterial who makes payment of the benefits provided by the plan (which means that payment may be made through insurance, through a self-insured fund, or out of the employer’s general assets). Group health plans can be very flexible and may offer significant tax benefits to both the employer and the employees.