Sorting out your company benefits package isn’t easy. You need to decide what package is best for your employees, figure out how to set up each benefit properly, and keep up with constantly changing regulations — all this while still running your company. Although your provider can help with this, you want to make sure that you’re making the right decisions and that you understand every moving part. Fortunately, the Internet has made it much easier to learn about this topic. Here are some of the top online resources to keep handy as you figure things out.
Internal Revenue Service
The Internal Revenue Service wants to make it easier for business owners to understand their tax responsibilities. They’ve published guides on topics including retirement plans, fringe benefits and health insurance under the ACA. Some of the guides are quite technical, and the focus is on taxes. However, the IRS does a solid job explaining these topics. Go to their publications page to see their complete list of guides. This is a good page to check regularly, because the IRS updates its publications whenever tax law changes.
Society for Human Resource Management
The Society for Human Resource Management (SHRM) is a membership organization for HR professionals. One of its key objectives is to promote education on HR topics, so the site provides a large library of free information. The website has a section dedicated to workplace benefits with complete guides on subjects such as health care reform, retirement plans and wellness programs. SHRM also regularly publishes articles about the latest compliance news and suggestions for improving your company’s benefits package. The SHRM website is a great resource to help you with any HR issues that you may have.
Inc. and Entrepreneur
Inc. and Entrepreneur are two online publications geared toward business owners, and they both publish content on benefits and other issues that your company might run into. These are good sites to browse if you’re looking for less technical explanations than what you’d find on the other resources or if you want to learn new ideas about how to manage your business. You don’t need a subscription to read the online articles, so you can visit them as often as you’d like.
Department of Labor
The Department of Labor’s website is also quite technical, but it does offer a thorough list of work benefits. The DOL covers topics including retirement plans, health insurance, workers’ compensation insurance and unemployment insurance. This is a good site to get an education on exactly what your legal responsibilities are as an employer when you offer a benefit. For example, if you set up a retirement plan, the DOL has a section that covers how you must structure the plan for it to be compliant.
These resources can help keep you up-to-date so that when you speak to your provider or broker, you’ll be able to make informed decisions and create the best plan for your employees.
David Rodeck is a professional freelance writer based out of Delaware. Before writing full-time, he worked as a health- and life-insurance agent. He specializes in making insurance, investing and financial planning understandable.