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Benefits for you, your employees and your business

Posted August 27, 2014 in Advice Column, Bondurant

Employee benefits are a popular topic today. This is because in today’s job market, more employees are beginning to place value on employer-provided benefits. Employees are increasingly interested in what else the employer has to offer, such as life, health, disability and retirement benefits.

As a business owner, chances are you’d like to provide benefits for yourself and your employees — and benefit your business.

Advantages for the employee. Employer benefit plans provide employees with coverage they may not have purchased on an individual basis. These benefits are usually provided at little or no cost to the employee. In addition, some benefits are also available for the employee’s spouse and children.

Advantages for the business owner. Benefit plans also provide many business advantages. They help attract and keep valuable employees. In today’s competitive job marketplace, a good benefit plan can make the difference between hiring or losing qualified applicants.

Qualified vs. nonqualified benefits
Qualified benefits. Regulated by the Internal Revenue Service and Department of Labor, qualified benefits must be approved and comply with nondiscrimination, funding and reporting requirements.

Nonqualified benefits. Nonqualified benefit plans are more flexible because they aren’t regulated as strictly as qualified plans. Unlike qualified benefit plans, you, the employer, can pick and choose which employees you want to cover in the plan.

Which plan is right for my business?
Many businesses find that a combination of the two work best — a broad plan covering all employees and a supplemental plan covering only “key” people. Each business and business owner is unique.

The best plan is a plan that meets your objectives — for your employees, your business and you.

For more information about this and other financial topics, please contact me at (515) 246-4057 or

Jeff Meislahn is a Senior Financial Representative of Principal National Life Insurance Company and Principal Life Insurance Company and a Registered Representative and Financial Advisor of Princor Financial Services Corporation. Securities and advisory products offered through Princor Financial Services Corporation, 800/247-1737, member SIPC. Principal National (except in New York) and Principal Life are issuing insurance companies of the Principal Financial Group. Principal National, Principal Life and Princor® are members of the Principal Financial Group®, Des Moines, IA 50392.

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