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Colorado State Employee Benefits Guide for the Manufacturing Industry

July 12, 2021, by New City Insurance

happy employees in the office with their employee benefits guideToday, most Colorado businesses understand the importance of building a comprehensive employee benefits guide and package that attracts and retains top talent.

According to a recent Randstad Employer Brand Research survey, the manufacturing sector had one of the highest rates of turnover with approximately 22 percent of manufacturing workers changing jobs, compared to 18 percent across all other sectors.

Defined Benefit Plans

usa and colorado flag on a towerDefined benefit plans are a type of employer-sponsored retirement plan where employee benefits are calculated using a specified formula. This formula takes many aspects into consideration, such as the employee’s salary history and length of employment.

Similar to a 401(k), an employee cannot usually withdraw funds from a defined benefit plan. Instead, the employee becomes eligible to take the benefit as a lump sum at a certain age or as a lifetime annuity. Pensions are a type of defined benefit plan.

Looking into competitors through benchmarking is another way to compare benefits packages. With a defined benefit plan, the employer is responsible for the planning and investment risk. If the employee named as the primary participant on the plan should die while covered by the defined benefit plan, the surviving spouse of the employee is often entitled to the benefits.

401(k) Plans

One of the most popular retirement accounts offered by employers is the tax-advantaged 401(k) plan. Under this plan, employees can make contributions to their retirement accounts through automatic payroll withholding.

401k note on the paper for employee benefits guideEmployers can choose to match some or all these contributions up to a certain amount set by the IRS. In 2021, the employee and employer contribution limits are set at $58,000.

There are two main types of 401(k) plans: traditional and Roth. A 401(k) is known as a defined contribution plan and employees are responsible for choosing the investments within their account from the selection offered by their employer. Roth 401(k) accounts combine features from both traditional and Roth IRAs. For 2021, the contribution limit for a Roth 401(k) is $19,500. Employees age 50 or over can contribute an extra $6,500.

Life, Health and Disability

Life, health and disability are three of the most sought-after employee benefits in the manufacturing industry. With life insurance, the family of a covered employee is financially protected if the worker should die unexpectedly. Mortgages, funeral costs and outstanding debts may be covered by the benefits of a life insurance plan.

Health insurance is critical for the long-term well-being of employees. Offering a group health insurance policy can help workers gain access to the medical services they need to maintain good health. There are several types of health insurance plans available, such as fee-for-service policies, health maintenance organizations (HMOs), preferred provider organizations (PPOs) and point-of-service (POS) policies.

In rare cases, an employee may suffer a serious injury or illness that requires a prolonged stay at home or in the hospital. When this happens, disability insurance can help the worker’s family continue to meet their financial obligations. The terms of a disability insurance policy can differ so be sure to carefully review the policy.

Wellness Programs

Wellness programs are often a welcomed component of an employee benefits package that can improve morale, increase productivity and reduce health insurance costs. A wellness program can take on many forms, but not every solution will make sense for every employee.

Some of the most popular wellness program benefits include fitness classes, disease management, health coaching, flu shots, tobacco cessation, health fairs, free healthy food, health education, on-site clinics, telemedicine, biometric screening, health risk assessment (HRA), gym reimbursement and flexible work schedules.

Other Employee Benefits

Colorado businesses in the manufacturing industry also should consider adding other perks to their employee benefits package. Paid time off, including paid family leave for new parents and caregivers, can be a highly attractive benefit for employees with growing families.

man holding employee benefits note for the employee benefits guideAdditionally, consider other convenience-based benefits, such as flexible or remote work options. Educational benefits can be highly advantageous for employees looking to improve their education outside of the workplace. For example, student loan repayment can encourage employees to return to school to enhance their knowledge and skills.

Financial planning resources can help employees become more knowledgeable about their money. Consider coaching or training services pertaining to asset management, debt reduction, home buying and preparing for retirement.

Speak To A Employee Benefits Consulting Firm About Employee Benefits

The manufacturing industry faces many unique challenges when it comes to creating a quality talent pool. Fortunately, the right employee benefits can make a significant difference in attracting and retaining strong employees. For more information about Colorado state employee benefits for the manufacturing industry, contact the experienced employee benefits consulting team at New City Insurance.

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Filed Under: Benefits,  Manufacturing

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Carol Zhang
Carol Zhang
04:29 06 Mar 22
As a rapidly expanding national media organization, the employee benefits strategy and administration that New City has provided us during our growth has been invaluable. They have been proactive about informing us of the different benefit strategies available to us as we grow as well as managing the additional compliance laws and reporting requirements at each stage of our growth.
Claudia Villalobos
Claudia Villalobos
20:14 03 Mar 22
New City Insurance made navigating through all the health insurances super EASY. Their documents are highly informative, professional, and easy to work with. Thank you for making the process of choosing a health plan so simple. You guys are THE BEST!
Philippe Salas
Philippe Salas
17:02 22 Feb 22
I never expected to have a good time talking to an insurance salesman, but let me tell you Brendan was quite the treat. He was very helpful explaining the options and has a wonderful sense of humor. I hope to speak with him every time I call.
Jennifer Polito
Jennifer Polito
17:15 09 Feb 22
Super easy enrollment process. Fast and friendly customer service. If you are looking for an insurance company that is there for you every step of the way I highly recommend New City Insurance.
Rocky Salas
Rocky Salas
23:46 07 Jan 22
So friendly, I hope to speak to him again in all my future insurance needs.
Rocky Salas
Rocky Salas
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So friendly and soft spoken. I hope to speak to him again in all my future insurance needs.
Jose Brena
Jose Brena
13:20 06 Jan 22
Eric Calciano has been extremely helpful in finding and selecting the right insurance coverage for our company. With many options out there Eric assisted us on getting a low cost provider saving more than 20% than from our competitors and providing excellent coverage for our employees.
Anastasia Beaverhousen
Anastasia Beaverhousen
17:05 28 Dec 21
Signing up for insurance was quick and easy. Felicity Sundsboe
SFCC
SFCC
22:08 29 Nov 21
Jeff Stoltey and his team provide excellent customer service. Jeff has always provided my company SFCC with straightforward options. I went to a larger insurance company only to RUN BACK to Jeff at New City Insurance. I recommend them to anyone needing insurance without hesitation.
Kevin Luby
Kevin Luby
19:13 22 Oct 21
Quick, easy & informative. We were able to secure quality insurance for our small business on a tight deadline. Thanks for the help New City.
Theresa Ruybol
Theresa Ruybol
19:30 01 Jul 21
Eric was so great with us. He was very patient and kind as we are a newer smaller organization who is growing rapidly. With that said, we had made our inquiry, he had great rapid response and mostly had to wait on me. Any request that we made and/or questions we had, he was great answering and helping us understand. Then when we were ready for all documents and to move forward, Brendan helped with getting that together and the two of them worked their magic on New City's end to notify me of what was needed, assist me in that process and confirming that all was complete and approved for the coverage. I just want to say thank you all again so much, as insurance has always been confusing to me, and you all made that process go a lot smoother.Thank you
Andrea Ordendorff
Andrea Ordendorff
21:06 07 May 21
I've been working with both Clayton and Brendan for well over a year. As the purchase of our dental practice was delayed well over 14 months they both patiently supported me and continued to make themselves available. When we were officially ready to sign up they made the whole process seamless and super easy. This team is highly knowledgeable, professional, supportive, and efficient! I can't thank them enough for everything they've done.
T W
T W
22:32 30 Aug 20
I love New City Insurance. I never had a good experience dealing with insurance brokers until I started working with Brendan. He’s awesome! He is patient with me and takes the time to answer all my questions. I’m very grateful for all his help and hard work!
Mary Jane Deyette
Mary Jane Deyette
00:57 11 May 20
Jeff Stoltey is so awesome...even thru my company had only two employees, he took the time each year to research and find the best plan for us. The only reason I am leaving New City Insurance is because we no longer have any employees. Thank you Jeff
Alma Ortiz
Alma Ortiz
22:25 23 Feb 20
Brendan was awesome! I couldn't figure out how to pick my plan and he returned my call on a weekend to help me. Outstansing service!
jessica kavanagh
jessica kavanagh
19:53 13 Feb 20
Brendan was so helpful I definitely recommend him if you’re in need of good help and getting it done promptly. Thankyou so much again.
Tricia DeYoung
Tricia DeYoung
19:49 13 Feb 20
I was very thankful I inquired about this info. with Brendan. He was very helpful so I understand the benefits available much better now. Thank you Brendan.
B Bayer
B Bayer
17:43 24 Sep 19
NCI handled almost everything from start to finish. Clayton and Brendan made the plans easy to understand and walked me through the application process. They got me my ID numbers before my cards arrived so that I could keep an appointment I had already scheduled. My last broker wouldn't have done that. 5 stars!
Jessica Lehr
Jessica Lehr
03:36 07 Jun 19
Our staff was interested in a health plan, but we didn't know how beneficial a solid employee benefits package would be for our business to expand. We'd lose prospective employees because they had more options for their medical insurance which was sometimes more valuable than more pay. The New City team was amazing and gave us as many affordable options as possible so that everyone had their needs met.
Mike McClay
Mike McClay
19:36 03 May 19
My employer uses New City as their insurance broker, and I'm always amazed when I call in for assistance by how knowledgeable and attentive their staff is with my requests. Their online benefits platform makes selecting insurance plans pretty darn easy. I would highly recommend their services.
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