One of the most common questions employers ask us is, “Do temporary workers receive any benefits?” The Penmac Staffing motto is “We Place People First,” and our actions and policies reflect our belief that our associates are the heart of our business, and have earned the same employee benefits as permanent workers. We provide temporary and long-term associates with health insurance options and retirement savings plans.
Health Insurance and ACA Compliance
The Patient Protection and Affordable Care Act (ACA), signed into law by President Barack Obama in 2010 (and sometimes referred to as “Obamacare”), has impacted all Americans, including employers.
In 2015, the employer mandate portion of the law went into effect, requiring all employers employing at least a certain number of employees (generally 50 full-time employees or a combination of full-time and part-time employees that is equivalent to 50 full-time employees) to provide affordable health insurance options that meet minimum coverage requirements. If an employer fails to provide these options, and one of their employees acquires health coverage through a Health Insurance Exchange, the employer will be subject to financial penalties.
Penmac Staffing offers all eligible full-time employees an affordable health coverage plan. Employees may choose to enroll in coverage for themselves, and have the option to purchase coverage for their families. This plan protects employees from any penalty under the individual mandate of the ACA.
Benefits administration is one of the most valuable services provided by staffing agencies. More often than not, staffing agencies can provide health insurance and retirement benefits to our large pools of employees more affordably than employers can on their own. Contact your local Penmac Staffing office today to learn more about how we can help you remain compliant with ACA requirements and avoid large financial penalties.
Many of our associates enjoy the flexibility and changing work environments provided by continual temporary assignments. Many of our business partners keep employees on Penmac’s payroll for the long-term to take advantage of our HR services, including benefits administration. For these long-term associates, we provide two excellent retirement plans.
Employee Stock Ownership Plan (ESOP)
Penmac Staffing is an employee-owned company. Employees that meet eligibility requirements will receive shares of the ESOP each year at no cost. The value of the shares is determined by an independent valuation of Penmac Staffing performed each year. After vesting requirements are met, Penmac employees will receive financial compensation for these shares at retirement (or after employment is otherwise separated, depending on factors laid out in the plan).
401(k) Savings Plan
Long-term Penmac associates are eligible to enroll in a Fidelity Investments 401(k) retirement savings plan after one year of service. For employees that work over 1000 hours in a year, Penmac will match 50 cents per dollar of the participant’s salary deferrals. Deferrals over 6% are not matched.