Income security benefits are a value add for employees

August 09, 2019

As you consider benefits offerings for 2020, income security benefits, such as retirement programs and death and disability coverage, are a valuable source of income protection for employees.

When you log on to Benefits Connect to create your 2020 Employer Agreement, be sure to consider income security benefits to round out the coverage employees may elect during this year’s annual enrollment.

Income security benefits can help employees protect their families against loss of income from death or disability and provide a foundation for a secure financial future. Research shows that Americans are more apt to have life insurance than disability coverage, even though young adults have a greater chance of becoming disabled than dying. And, despite all of the press about the need to save for retirement, most Americans could use help with retirement readiness.

The Board of Pensions offers a full array of income security benefits:

  • Disability benefits provide a monthly income and continued benefits to employees who become unable to work because of disability.
  • Death benefits protect survivors and beneficiaries against an unexpected loss of income in the event of an employee’s death.
  • The Retirement Savings Plan, a 403(b) (9) defined contribution plan, can help employees build savings and achieve long-term retirement goals.
  • The Pension Plan is a defined benefit retirement plan, fully paid by employers  employees may not contribute. Participants in the plan receive a guaranteed monthly payment throughout retirement.

Learn more about selecting benefits for 2020. Need additional information or guidance selecting the best options for you and your employees? Call the Board of Pensions at 800-773-7752 (800-PRESPLAN).

Sources: NerdWallet and Fidelity