Retirement concerns are on the minds of many Americans. According to the National Institute on Retirement Security, a non-profit research and education organization that recently conducted a survey on the subject, 83 percent are concerned that current economic conditions will affect their retirement. Additionally, 70 percent believe it is harder to retire today than it was for previous generations—and many are planning to remain in the workforce longer as a result.

Do you include employee training and development in your benefits package? You should—research has revealed that workers consider such benefits when deciding whether to accept a new position or stay with their current employer. In fact, one study conducted by The Society for Human Resource Management discovered a direct correlation between employee turnover and development opportunities—or the lack thereof.

Recently, the Society for Human Resource Management (SHRM) conducted several surveys of their members. In one, 20 percent of organizations reported leveraging benefits packages to retain workers. That number is surprisingly low given how effective desirable benefits can be for keeping staff happy, engaged and committed to their employers.

While a solid benefits package will help your company attract and retain top talent, setting one up incorrectly can subject you to fines and even criminal prosecution. Benefit planning is a complicated undertaking, and it’s all too easy for busy business owners to make mistakes. Consider the following potential legal pitfalls you need to avoid.

According to the American Benefits Council, 401(k) plans are the most popular type of employer-sponsored retirement plan in the nation. In fact, 99 percent of employers who responded to the Verisight and McGladrey Compensation, Retirement and Benefits Trends Survey indicated they now sponsor a defined contribution plan. A WorldatWork survey even found that 88 percent of companies offering a 401(k) with a matching benefit continued to match employee contributions during the recent recession.