Salaries - Careers

Employee Benefits 101

Did you know that a good benefits package can add as much as 30 percent to your overall compensation? Common elements of a benefits package include:

Health Insurance

  • Health benefit packages can include all or a combination of medical, dental, vision and prescription coverage.
  • Employers typically expect employees to pay a small percentage of the insurance premium for health insurance. Check with your human resources department for information about your percentage, or employee contribution.

Retirement Plan

  • Many employers offer retirement plans, the most common begin 401k and 403b plans. You contribute to the plan on a pre-tax basis. You won't pay tax until retirement, when your money is distributed back to you. Employers often “match” employee contributions – for each dollar contributed by the employee, the employer contributes a certain percentage, usually between 2-5%.

Vacation and Sick Time

  • Paid time off is usually based on an “earned” basis. Each pay period, or each month, you may earn a certain number of vacation or sick hours.

Flexible Spending Account

  • Flexible benefits and Section 125 plans let you put pre-tax money aside (by a direct deduction from your pay) to cover health insurance premiums, child or dependent care, vision expenses or dental care.

Perks

  • Depending on the employer, you may have access to other benefits such as tuition assistance/reimbursement, daycare facilities, fitness facilities or discounts and more. Check with your Human Resources representative.

For more detail about benefits packages, including health insurance, 401(k) plans, tuition reimbursements and more, check out these resources: