Salaries are just one component of employee compensation packages. And extensive benefits packages are a standard--and expected--part of a competitive compensation package, allowing employers of all sizes the ability to attract and retain top talent.

Healthcare, life insurance, disability, severance, and pension or retirement benefit plans are generally subject to federal reporting and disclosure requirements, including those established by the federal Employee Retirement Income Security Act and the Internal Revenue Service.

For instance, ERISA requires plan administrators to give participants in writing the most important facts they need to know about their retirement and health benefit plans including plan rules, financial information, and documents on the operation and management of the plan.

And the Affordable Care Act of 2010 ushered in sweeping changes to the U.S. healthcare system, with numerous changes that significantly impact employers and the health benefits they offer employees.