KNOWLEDGE CENTER
As of November 1, 2019, the Illinois Secure Choice Savings Program Act (more commonly known as Secure Choice) will require all businesses with over 25 employees that have been operating for more than two years to offer their employees access to a qualified retirement savings account.
If you’re a small business located in IL here’s what you need to know…
Startups and small business owners alike are used to going without a lot of resources they’d like to have – and that’s often a savvy business move but there reaches a point where you shouldn’t put off focusing on your organization’s HR needs.
There’s no one answer that applies to everyone. But from our experience working with hundreds of small businesses, we’ve found that the following situations usually signal that a business could run more efficiently by hiring an HR professional or outsourcing HR functions to a PEO.
Starting a business is full discoveries and learning experiences. Once you hire your first employee, you discover there are a variety of rules and regulations you do have to follow, including the benefits you’re required to provide your employees.
To be clear: by “benefits,” we don’t just mean value-add perks that help you recruit and retain top-level employees (like a keg of cold-brew in the break room). We’re talking about benefits mandated by state and local governments, like paying into unemployment insurance.
So which benefits are optional and which are you legally required to provide?
Which are mandated by the state and which by the federal government?
Read on for a guide to make sure you’re offering the right benefits to your employees and staying in compliance with the laws where you live.
While we can all agree that there are many benefits to working at a small business (avoiding bureaucracy, trying new things, knowing everyone in your company), the most important benefits are the benefits benefits. I’m talking health insurance. Retirement plans. Paid leave options. Meaningful stuff.
So how can you, a small-business owner, provide these kinds of benefits and still have the time and money to run your business? And maybe more to the point: how can you provide benefits that are actually competitive with what your team would get at a much larger company ?
