Unless you qualified for each and every benefit, replacing them all with money might end up being a gain instead of a cut. Anyone who doesn’t have a gym membership or isn’t currently paying tuition would come out ahead this year at least on their new plan.
Fair enough that it might not work so well in subsequent years due to taxes.
eg. if Basecamp got bulk gym memberships at 20$/employee but each employee would have to sign up at 40$ per person, Basecamp paying each employee 20$ would not be the same as giving each employee a gym membership.