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Frequently Asked Questions
Explore Our Expert Answers on Employee Benefits, SUB Plans, and Workplace Wellness.
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What are Supplemental Unemployment Benefit (SUB) Plans and how do they work?SUB Plans are unique benefit solutions that provide additional financial support to employees during layoffs or reduced work hours, supplementing state unemployment benefits. These plans are funded by employers and are designed to maintain an employee’s income level while reducing the employer's payroll tax liabilities.
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How do Vacation and Sick Pay Solutions benefit both employees and employers?Our Vacation and Sick Pay Solutions offer flexibility and support, ensuring employees can take necessary time off without financial worry. For employers, these solutions enhance company culture, aid in employee retention, and demonstrate a commitment to employee wellbeing.
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Can Life Insurance Plans be customized to suit different employee needs?Absolutely. We offer a range of life insurance options, from basic to extensive coverage. Each plan can be tailored to fit the diverse lifestyles and needs of your employees, ensuring they and their families feel secure and valued.
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What types of Annuity Plans does SunTrust offer, and how do they support employee retirement goals?SunTrust provides various annuity options, including fixed, variable, and indexed annuities. These plans are designed to offer a stable income source post-retirement, aligning with different retirement goals and financial situations.
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Are there any tax advantages for employers who implement SUB Plans?Yes, there are significant tax advantages for employers. SUB Plans reduce payroll tax obligations, as payments made under these plans are exempt from FICA, FUTA, and SUTA taxes, leading to substantial savings for the company.
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How does SunTrust ensure compliance with legal regulations for its benefit solutions?We prioritize compliance with all IRS regulations and state-specific employment laws. Our team stays updated on legal changes and works diligently to ensure that all our benefit solutions adhere to the latest legal standards.
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What makes SunTrust's approach to employee benefits unique?Our approach is rooted in customization and personalization. We recognize that each organization has unique needs, and we craft benefit solutions that are not only effective but also align perfectly with the specific requirements of your workforce.
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How does offering a comprehensive benefits package impact employee retention and satisfaction?A robust benefits package is crucial for employee retention and satisfaction. It demonstrates the company's investment in employee wellbeing, leading to increased loyalty, job satisfaction, and overall morale. Employees who feel valued and supported are more likely to stay with the company long-term.
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Can SunTrust Benefit Solutions assist in the implementation and management of these plans?Yes, we provide full support in the implementation and management of all our benefit plans. Our team offers expert guidance throughout the process, from plan selection to ongoing management, ensuring a seamless experience for both employers and employees.
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How does SunTrust stay ahead in terms of innovation in employee benefits?We constantly explore new ideas and technologies in the benefits space. By keeping abreast of industry trends and listening to the evolving needs of businesses, we ensure our solutions are not just current but also future-focused and innovative.
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