briefly explain the retirement benefits available to an employee
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Benefits can be quite valuable. Medical insurance alone can cost several hundred dollars a month. That's why it's important to consider benefits as part of your total compensation. Make sure you understand which ones you will receive.
Fringe benefits are a variety of non-cash payments are used to attract and retain talented employees. They may include tuition assistance, flexible medical or child-care spending accounts (pre-tax accounts to pay qualified expenses), other child-care benefits, and non-production bonuses (bonuses not tied to performance).
Tuition reimbursement can be an especially important benefit if you plan to take classes in your personal time. This can be a great way to advance in your career. Most firms offering tuition assistance require that courses are related to job duties.
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- 401(k) Plans. These accounts offer employees a tax-advantaged way to save for retirement.
- Roth 401(k) This new option gives employees access to tax-free income in retirement.
- Employee Stock Ownership Plans and Profit-Sharing Plans.
- Paid time off such as PTO, sick days, and vacation days.
- Health insurance.
- Life insurance.
- Dental insurance.
- Vision insurance.
- Retirement benefits or accounts.
- Healthcare spending or reimbursement accounts, such as HSAs, FSAs, and HRAs.
- Long term disability insurance.