Additionally to pensions, employers should offer postretirement
benefits in order to attract qualified candidates. A range of OPRB
benefits are available, including healthcare benefits, dental care, eye
care, tuition assistance, life insurance, legal counseling and financial
planning. My current employer offers health, life and dental
insurance. I am extremely lucky because my employee pays 100% of
my premiums. Let's talk about health insurance. There are similarities
and differences between the two types of benefits, so it's necessary
to understand them when comparing. Due to GAAP requirements,
pensions and OPRB are considered liabilities. Benefits, beneficiaries,
and funding are the differences between healthcare OPRBs and
pensions. Pension plans usually cover retired employees, while health
coverage is provided to their spouses and dependents up to a
definite age, with a fixed amount of benefits per month. OPRB
benefits are paid regardless of their amount, however. Additionally,
these amounts can vary due to the type of sickness. Due to ERISA
requirements, pension plans must be funded by the company, which
is tax-deductible. OPRB, on the other hand, has no requirements and
its fees are deductible while its contributions are not.
