An increasing number of employers are incorporating adoption benefits into their employee packages, which can enhance retention, equity, and company reputation. This article discusses common benefit types, legal and tax considerations, and the positive impact of adoption benefits on recruitment. Click here for article.
Types of Benefits: Adoption benefits include information resources (referrals and support), financial assistance (lump sum payments, fee coverage), and time off (parental leave).
Legal Considerations: Employers must comply with HIPAA for health plan enrollment and COBRA for coverage of adopted children.
Tax Exclusions: Employees may exclude up to $16,810 (2024) and $17,280 (2025) from taxable income for employer-provided adoption assistance, subject to income limits.
Recruitment Edge: Offering adoption benefits can attract new talent, as prospective employees often prioritize companies that support adoption.
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