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Tag: IRS Section 125

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ERISA & SPD Wrap or Summary Plan Description Wrap Documents

Recently we joined forces with a company to assist in additional forms of compliance.  These compliance issues fall directly in line with the rumors of the ERISA DOL Audits.  HR Service Inc and ERISA Solutions are those companies.  The professional atmosphere, experienced employees, and customer service-oriented environment is appealing; yet the powerful and user-friendly tools/documents…
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PROPOSED CHANGES TO CAFETERIA PREMIUM ONLY PLAN ELECTIONS & LOOK-BACK PERIOD

In September the IRS issued two notices regarding the Affordable Care Act.  Notice 2014-49 describes a proposed approach for applying the look-back measurement method used to determine full-time employee status for purposes of IRS Code § 4980H in situations when the measurement period applying to an employee changes. This change may occur because the employee…
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125 POP Document Changes Summary

As explained below, the laws governing Section 125 Premium Only Plans recently changed. We have updated your plan documents to reflect these changes. Please log on to your account at https://www.taxfreepremiums.com/main/login and download the newly updated documents to remain in compliance. The new IRS Notice 1455 creates two new Section 125 mid-year qualifying events designed…
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Utah State Exchange AvenueH Offers Small Business Options for their Section 125 POP Documents

Utah has a state run exchange that has been running for years prior to the launch of the “Affordable Care Act”.  The state run exchange named Avenue H is exclusively for small business with 2-50 employees.  Despite the delays in the federal run exchanges to offer multiple carriers on a defined contribution, Avenue H has…
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Are You Adopting a Section 125 Plan?

Do you take your role as a plan sponsor serious enough?  Of Course you do………. your at taxfreepremiums.com If you are a corporation you are required to adopt a board resolution and have on file when sponsoring a Section 125 Plan.  This is included in the document package for clients of taxfreepremiums in a signature…
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Pretax Benefits Through A Health Savings Account (HSA)

With the new regulations and additional coverage mandates embedded in the Affordable Care Act “ACA” many experts believe we’ll see an explosion of coverage and market entrants into high deductible health plans (HDHP) coupled with Health Savings Accounts (HSA).  These plans have been popular for years and the fastest growing trend in employee benefits for…
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Why offer Voluntary Benefits?

The latest trend in employee benefit packages are Voluntary Benefits.  Research shows this isn’t just a fad or sales tactic but something your employees are actually searching for and need help through the decision process. Voluntary Benefits are just that….voluntary.  As an employer you offer to make deductions on a pre-tax basis through your Section…
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Lower Taxes with A Section 125 POP

IRS-sanctioned Premium Only Plan were created by the Revenue Act of 1978 and are governed by the Internal Revenue Code Section 125. Although this code is now almost 35 years old there are still thousands of business owners and administrators who haven’t heard or aren’t aware of the significant tax efficiencies, and legal requirements to…
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Do You REALLY Explain Your Insurance Benefits?

Communication is the key to any successful benefit package.  Making sure employees understand and value their benefits sometimes really can be as easy as doing a better job to explain the benefits available to them.  For industry experts jargon such as deductibles, co-insurance, co-payments and other insurance industry terms are everyday vocabulary.  For many of…
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Yes, A Written Plan Document for Section 125 POP is Required.

Most people know that premiums for health insurance are not taxable.  Well, that is if you have a Section 125 POP Plan.  The plan has to be in writing and there are other requirements that have to happen in order to be compliant. http://youtu.be/fzST7-rDFjQ     Watch this quick video to learn more about IRS…
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