Employee Benefit Options for Small Business -- The PEO Solution

Employee Benefits are expensive for businesses to provide to employees, so the range and options of benefits change rapidly to reflect the market.
Employee benefits include retirement plans, health insurance, dental insurance, life insurance, disability insurance, vacation, etc. Employee Benefits are critical in recruiting and retaining high quality employees. The challenge Small Business Owners face is controlling the cost of obtaining and maintaining these highly desired employee benefit packages. At a recent meeting of my Financial Executive Networking Group (FENG) we had a speaker present on an intriguing option for offering high quality employee benefits and controlling benefit cost at the same time.
Codi Napolitano from the Extensis Group educated us on the PEO Option for employee benefits. A Professional Employer Organization (PEO) assists clients in reducing their administrative headaches by sharing the burden of managing their employees. PEOs reduce the time and expense involved in dealing with employee payroll, benefits, taxes, governmental compliance, unemployment claims, etc. PEOs help lower total labor cost and allows Small Business Owners more time to focus on their core business.
A PEO can provide access to high quality benefits with the advantage of volume discounts. Health Insurance is by far the most important benefit an employer provides. The PEO Option offers flexible and affordable health insurance plans. PEOs allow a company to offer its employees a choice of HMOs, PPOs, and POS plans with many options to optimize the health insurance plans for the benefit of its employees.
Peo's also allow small businesses to provide a wide array of other benefits that would not be available to a stand alone small business. These supplemental benefits include: 401K plans, dental plans, flexible spending accounts, life and disability insurance, vision plans, etc.

The Extensis Group is an Employer Services Assurance Corporation Accredited (ESAC Accredited) New Jersey PEO. Codi Napolitano helps her clients with unique payroll and Human Resources Solutions. This allows her clients to reduce the expense of administrative tasks and devote more time to growing their business and gaining a competitive edge. These are some of the payroll and human resource issues Codi Napolitano consults on with New Jersey Small Businesses.

Human Resource Compliance
Human Resource Compliance in New Jersey including management of all relevant New Jersey human resource laws, employee manuals, sexual harassment training for New Jersey Small Business and more.

Payroll Tax Filing in New Jersey
Payroll taxes are the state and federal taxes that New Jersey Small Businesses are required to withhold and pay on behalf of employees. New Jersey Small Businesses are required to withhold state and federal income taxes as well as social security and Medicare taxes from employees' wages. New Jersey Small Businesses are also required to pay a matching amount of social security and Medicare taxes for employees and to pay State and Federal unemployment tax.

Management of New Jersey Unemployment Claims
New Jersey's unemployment compensation law, like that of many other states, provides temporary payments to employees who lose their jobs through no fault of their own. The law requires employers to inform employees about the state's unemployment compensation program anytime they're separated from work for any reason.

Benefits Administration for New Jersey Small Business

New Jersey Workers Compensation Laws

Workers' compensation provides medical treatment, wage replacement and permanent disability compensation to employees who suffer job-related injuries or illnesses, and death benefits to dependents of workers who have died as a result of their employment.

Cobra Administration for New Jersey Small Business

COBRA provides a vital bridge between New Jersey group health insurance plans for qualified workers, their spouses and their dependent children when their New Jersey health insurance might otherwise be cut off. It's a safety net for families in the midst of crisis, such as unemployment, divorce or death of a spouse.

COBRA generally requires that group health plans sponsored by employers with 20 or more employees offer workers and their families the opportunity to temporarily extend their New Jersey health insurance coverage. There are so many COBRA regulations that make COBRA administration very complicated and time consuming. The Extensis Group helps by managing the COBRA process for New Jersey Health Plan Administrators.

New Jersey Labor Law Compliance

Codi Napolitano
Extensis
900 Route 9
Suite 203
Woodbridge, NJ 07095
cnapolitano@extensisgroup.com
732-593-9706

Category:

Education

Tags:

• New Jersey PEO
• Employee Benefit Options
• Health Insurance Plans
• Employee Benefits
• Payroll Management
• New Jersey Small Business
• Human Resource Compliance
• New Jersey Labor Law
• Cobra Administration

[laurenmattia]

Great job, Jim, and timely info too!!

[jworth3]

The PEO solution is a good idea and a good value for many businesses. I have recommended and implemented PEO's at several clients. Extensis is a high-quality outfit and Codi Napolitano effectively articulates the value. She is driven to find the best solution for the client, whether it's hers or not. VERY unusual in today's cutthroat world.

[TheCoachsZone]

great job Jim! - two comments - first, would have been good to include some opinion or comments on whether or not health care reform will impact an employers decision to opt out of his plan and second - would have liked to have seen a stronger message as to the benefits to the employer and employee by participating in a PEO