NAICS Code 525110-01 - Employee Benefit & Compensation Plans

Marketing Level - NAICS 8-Digit

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NAICS CODE 525110-01
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NAICS Code 525110-01 Description (8-Digit)

The Employee Benefit & Compensation Plans industry involves the management and administration of employee benefit plans, such as health insurance, retirement plans, and other forms of compensation. This industry is responsible for ensuring that employees receive the benefits they are entitled to, and that these benefits are managed effectively and efficiently. Companies in this industry may be third-party administrators, consultants, or providers of employee benefit plans.

Parent Code - Official US Census

Official 6‑digit NAICS codes serve as the parent classification used for government registrations and documentation. The marketing-level 8‑digit codes act as child extensions of these official classifications, providing refined segmentation for more precise targeting and detailed niche insights. Related industries are listed under the parent code, offering a broader context of the industry environment. For further details on the official classification for this industry, please visit the U.S. Census Bureau NAICS Code 525110 page

Tools

Tools commonly used in the Employee Benefit & Compensation Plans industry for day-to-day tasks and operations.

  • Benefits administration software
  • Retirement planning software
  • Compensation management software
  • Health insurance management software
  • Payroll software
  • Human resources information systems (HRIS)
  • Compliance tracking software
  • Employee self-service portals
  • Benefits communication tools
  • Data analytics tools

Industry Examples of Employee Benefit & Compensation Plans

Common products and services typical of NAICS Code 525110-01, illustrating the main business activities and contributions to the market.

  • Health insurance plans
  • Retirement plans
  • Stock options
  • Employee stock ownership plans (ESOPs)
  • Flexible spending accounts (FSAs)
  • Health savings accounts (HSAs)
  • Disability insurance
  • Life insurance
  • Paid time off (PTO)
  • Employee assistance programs (EAPs)

History

A concise historical narrative of NAICS Code 525110-01 covering global milestones and recent developments within the United States.

  • The Employee Benefit & Compensation Plans industry has a long history dating back to the early 20th century when companies started offering pensions and other benefits to their employees. In the 1920s, the first group health insurance plans were introduced, and by the 1940s, employee benefits had become a standard part of the employment package. In the 1970s, the Employee Retirement Income Security Act (ERISA) was passed, which established minimum standards for pension and health plans. In recent years, the industry has seen a shift towards more flexible and personalized benefits packages, with the rise of technology allowing for more efficient administration and management of these plans. In the United States, the Employee Benefit & Compensation Plans industry has seen significant growth in recent years, driven by a strong economy and low unemployment rates. The Affordable Care Act (ACA) has also had a significant impact on the industry, with many employers offering health insurance plans to comply with the law. The industry has also seen a shift towards more voluntary benefits, such as wellness programs and financial planning services, as employers seek to attract and retain top talent. Overall, the industry is expected to continue to grow in the coming years, driven by a strong economy and increasing demand for personalized benefits packages.