Section 125 Plan Document Update, What Changed?
In our effort to keep the Section 125 Premium Only Plan and Summary Plan Disposition (SPD) compliant, it was necessary to make a few updates. You should have received an email instructing you to log on to your www.taxfreepremium.com account and download these new documents. To keep things as simple as possible, all you need to do is print these new documents, sign, and file them. If you have specific questions regarding your documents please contact us and we will be happy to assist you.
The changes that were made to the Section 125 Premium Only Plan and Summary Plan Disposition (SPD) include the following items.
1. According to the Department of Labor, it is no longer necessary to have a number associated with the POP Plan. You will see in the new SPD document that on the Additional Information page the Plan Number 501 has been eliminated.
2. The Claims Procedure has been removed as well, as this is something that would be included in an SPD wrap document for benefits.
3. We made ERISA update changes to include necessary legal verbiage.
If you, or one of your affiliate partners, need assistance with these changes please contact us at www.taxfreepremiums.com and we will walk you through the process.
Thank you for your patience and cooperation.
Your Taxfreepremium Team.