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If all employees are offered health insurance and retirement benefits, but then obtain to choose the rest of their benefits package, then they're being offered Core-plus plans.
What is cafeteria plan?
A cafeteria plan is a distinct written plan that an employer maintains for its employees and that complies with the rules and requirements of section 125 of the Internal Revenue Code. It gives participants the chance to get specific benefits before to taxes.
The Federal Insurance Contributions Act (FICA or Social Security), the Federal Unemployment Tax Act (FUTA), Workers' Compensation, and various state taxes can all be reduced by the employer through the use of a cafeteria plan.
Core-plus plans offer a set of required benefits that are typically created to satisfy the fundamental requirements of every employee. Medical insurance, long-term disability insurance, and retirement benefits are frequently included in the core, in addition to the benefits that are mandated by law.
The present benefit programme is scaled back to a core set of benefits that must be offered to all employees. The basic level of protection often consists of a modest quantity of life insurance as well as constrained extended health care and disability insurance coverage.
Hence, If all employees are offered health insurance and retirement benefits, but then obtain to choose the rest of their benefits package, then they're being offered Core-plus plans.
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