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Flexible benefit plan The employees of todays workforce are divers With such a workforce at hand an employer must have a flexible benefit plan to match the composition of its employees Flexible benefit plans are a written plan under which employees of a company are allowed to choose two or more benefits consisting of cash and qualified benefits Everett Miller 1994 Some benefits offered under a flexible benefit plan are health care dental reimbursement accounts life insurance accidental death and dismemberment coverage long-term disability vacation retirement savings spouse accidental death and dismemberment coverage and dependent care Kleiner Sparks 1994 A young couple can be assured that their jobs not only meet the daily needs of their growing family but that their children are covered for very little cost in their own employer-provided hospitalization and health care insurance A worker employed by the same organization approaching retirement can choose benefits that will maximize hisher retirement income as much as possible With hisher own children grown-up heshe needs to attend only to hisher own needs Also known as cafeteria plans the organization offering a choice of applicable benefits to their employees ensures that the benefits for which they pay are the most useful for each of their employees Costs are rising in almost every area of benefit provision and administration The organization is able to secure more favorable rates for those benefits used if the organization is not required to provide the same service to each employee Webster 1996 Employee benefit plans have had a long history and can be traced back to 1794 when the first profit-sharing plan was created by Albert Gallatin in his glassworks in Pennsylvania Kleiner Sparks 1994 Another notable benefit plan includes those made by the American Express Company in 1875 with the first private pension plan and the first group
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