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The term “cafeteria plan”1 is used to describe an approach to compensating employees where employees may choose from a “menu” of different benefits options. Types of benefits offered under such arrangements may include accident and health benefits,
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To: Company President Fr: Team D Re: Cafeteria plan Date: November 20, 2005 You had expressed an interest to upgrade the company's fringe benefits and was considering a cafeteria plan. You asked us to prepare a report describing how a cafeteria plan works, along with some of the advantages/disadvantages to both the employer and employee. We respectfully submit our report. INTRODUCTION In today's employee benefit marketplace it is becoming increasingly difficult to get more for the employee benefit dollars this year than in years past. Many factors have contributed to the rising cost of employee benefits, especially group health coverage. As our population ages, the demand for medical services is increasing. New treatments and technology come with a hefty price tag, and we all want access to the very best health care available. Advertising is pushing the demand for prescription drugs to record levels. More Americans are on some type of prescription drug than ever before. Due...
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