According to a Synapses press release, the Total Benefit Statement illustrates that a salary only represents a portion of a complete compensation package, and shows that other benefits can often be just as valuable as a paycheck. Using graphs and lists, the report is customized for the organization and can include the value of:
- Medical and Prescription Drug Benefits,
- Dental Benefits,
- Basic Life Insurance,
- Basic AD&D,
- Short-term Disability Benefits,
- Long-term Disability Benefits,
- Employee Assistance Programs,
- Flexible Spending Accounts for Medical/Dependent Care,
- 401(k) Match
- Other Employer Contributions to Retirement Plans,
- Paid Holidays / Vacation,
- Social Security,
- Unemployment Taxes, and
- Taxes Saved.
“Offering human resource departments a simple and easy method for depicting the true value of employment, the Total Benefit Statement also offers financial advisers yet another opportunity for engagement with customers,” said Jim Saunders, President of Synapses, in the press release.
Synapses recently announced that DAK Americas selected the Synapses Total Benefit Statement service to accompany the personalized 401(k) education tools and other materials currently being provided to DAK Americas’ employees by Corporate Benefit Advisors, Inc. (CBA), its financial adviser.
For a sample Total Benefit Statement, email firstname.lastname@example.org or call 704-321-4747.