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Career Development Center University of Illinois Springfield

Benefits

A great salary paired with benefits isimportant when deciding if the offer is fair. For example, if youare paid $45,000 a year without benefits, this may not be such agood deal if you have a family and need medical, dental, hearing,and vision insurance. When considering an offer, salary is not justthe monetary value. A better offer may include a lower salary whichincludes an excellent benefit package including stock options, freeon-site daycare, insurance (with no out of pocket expense), etc.Considering all factors is important when evaluating a compensationpackage.

Benefit Options:

401(k) and 403(b)plans
Section 401(k) of the Internal Revenue Code allows employees tocontribute to retirement plans. The interest and often thecontributions are tax-deferred.

Time off
Companies offer paid time off in the form of vacations, holidays,personal leave, bereavement, jury duty, election time off, and sickdays. Typically, employees receive two to four weeks of vacationplus 10 to 12 holidays yearly.

Pension
A pension plan is a retirement plan that pays a fixed monthlyamount each year during retirement, like an annuity. The EmployeeRetirement Income Security Act of 1974 (ERISA) does not requireemployers to provide pension plans but does set the minimumstandards for those employers who offer pension plans.

On-site Daycare
Daycare is very costly, and if you find that your employer offerson-site daycare, you are in for a treat. This is a rarity, but inthe next decade employers who want to remain competitive willadhere to the changing lifestyles of family.

Tuition Reimbursement
Some employers offer tuition reimbursement for courses taken thatrelate to your job. Others are willing to pay for you to obtainadditional education that will make you better suited for a higherpaying position.


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