Flexible Benefits Plan

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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 annuity contract issued in 1921 by the Metropolitan Life Insurance Company (Kleiner & Sparks, 1994). These early benefit plans were only the beginning of the benefit packages. As it turns out, the Social Security Act of 1935 gave ...

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