Employees have access to more than a paycheck

Special to 318 Forum

Your employer gives you more than just a paycheck. It can offer other financial benefits such as retirement accounts, insurance policies, wellness programs, student loan assistance and more.

Retirement Accounts

One of the most common employer benefits offered is a retirement account. In 2023, according to the U.S. Bureau of Labor Statistics, 73% of civilian employees had access to retirement benefits and more than half — 56% — used them. Employers may match contributions to a 401(k) or even offer a pension that pays employees a portion of their salary for life. Talk to your human resources department and your financial planning professional to discuss how much you should be saving for retirement.

Insurance

Most people are familiar with their employers’ health or dental insurance plans, but may not be as acquainted with other insurance policies. Employees may be eligible for life insurance or disability insurance that can help them cover expenses should the worst happen. Compare the coverage with what is available on the open market and check to make sure you’re covered should you be injured or killed.

Education Expenses

Employers may offer programs to help families with education expenses, such as tuition reimbursement, student loan assistance, 529 college savings plans and flexible spending accounts that can cover child care and other costs. Talk to your human resources office and financial planners to see what programs can help your family’s financial situation.

Discounts and Wellness Programs

Some employers offer discounts at local and national businesses, such as Costco, as well as on hotel stays and car rentals. Ask about wellness programs that could offer discounts on gym memberships and other programs, stipends for other benefits and more. Talk to human resources about taking advantage of these benefits or setting them up if they don’t exist.

Savings Plans

Employers may also offer employee savings plans for health care, education and other expenses. These offer pre-tax benefits through paycheck deductions, and the employee can use a special debit card to pay for qualifying health or child-care expenses. To further support working parents, employers can offer flexible time off to care for children, parental leave, provider referral networks and more.