Employee Benefit Services: Plans & Management | Paychex (2024)

Offer Convenience and Value to Employees

Provide Support Through Employee Assistance Programs (EAP)

Confidential resources and support that help employees deal with challenges head-on — counseling, resolving medical claims, managing stress, stopping smoking, or losing weight — can help reinforce your commitment to their well-being.

FinFit^® Financial Wellness Program

Paychex Is the Most Experienced Retirement Plan Provider

We offer all-in-one payroll and employee benefits administration for more efficient recordkeeping. Add to that flexible plan designs, full-service administration, employee self-service, and the expertise of the nation’s number one 401(k) plan recordkeeper².

PEO: An Affordable Way To Manage Employee Benefits

A professional employer organization (PEO) provides economies of scale that may allow you to offer valuable company benefits and services, such as 401(k) plans and HSA or FSA accounts. A dedicated Paychex HR professional is also assigned to you to proactively assess your needs and create an action plan and provide knowledgeable HR advice.

Gain Total Visibility With Up-to-Date Benefits Data

Leverage complete administrative visibility and control over comprehensive benefits data and processes, including up-to-the-minute status and eligibility changes. Drive informed decision-making with reports by department, location, division, or other data categories. Data can also be made available to brokers or third-party administrators.

Tech Startup Builds Infrastructure with Benefits to Compete Against Giants

Lyrid Inc. did its homework by first listening to its employees and then selecting Paychex to help put a benefits package in place that matched what they wanted and needed to be successful.

Employee Benefit FAQs

• Why Are Employee Benefits So Important?

  Why Are Employee Benefits So Important?

  Two words: recruitment and retention. Surveys show that an overwhelming majority of today’s job candidates prefer an employer who offers a good employee benefits and employee services package. Employees who have benefits tend to stay longer in their jobs, saving the organization the cost of replacement and onboarding.

  We offer benefits administration tools that help you with the process of choosing, setting up, and managing your benefits package.

• How Do You Offer and Manage Employee Benefits?

  How Do You Offer and Manage Employee Benefits?

  Businesses may set up their own employee benefits packages, but managing company benefits services and employee plan services accounts and keeping up to date with regulations can be a burden. Many businesses outsource their benefits administration to an all-in-one provider who can manage the complexities of retirement, health insurance, compliance, and ACA/ESR requirements.

• What Are Legally Required Benefits?

  What Are Legally Required Benefits?

  Certain employee benefits are legally mandated by federal, state, and local laws. These vary by location but may include Social Security and Medicare. Federal mandatory employee benefits include:

  • Social Security and Medicare
  • Unemployment insurance
  • Workers' compensation insurance
• How Much Do Employee Benefits Cost?

  How Much Do Employee Benefits Cost?

  The price of an employee benefits package can vary depending on the complexity of the plans. A Paychex HR business partner is available to help you select a benefits package that meets your business goals, budget, and company culture.

• What Employee Benefits Are Most Important?

  What Employee Benefits Are Most Important?

  Depending on federal and state laws and regulations, businesses may be legally required to offer unemployment insurance, workers' compensation, and other benefits. Businesses may also give employees the options of voluntary benefits for dental or life insurance, flexible spending accounts (FSA/HSA), or 401(k) plans. Employees may consider other “non-traditional” benefits to be important, such as stock options, tuition reimbursem*nt, and telecommuting or remote work — one of the most desired benefits, according to the 2021 Paychex Pulse of HR Survey.

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