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Tag: POP

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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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Are you Ready for a DOL Audit?

Over the past several months we have heard of a significant increase in audit activity and compliance checks for small employers. Based on the feedback we’ve received it appears the DOL is focused much more on encouraging compliance than just reaching for penalties however this could change quickly.  Clients of taxfreepremiums.com when purchasing an IRS…
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Non-Discrimination Rule Changes in 2012

The non-discrimination rule that applies to some benefit plans will increase its impact once final regulations are released.  The 105(h) rules prohibited employers with self-funded plans from creating a benefit package that shows preference to some individuals over others. The IRS will include fully funded plans in this requirement once the regulatory guidance is released.…
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Prepare for 2012 Changes to Section 125 Premium Only Plans

Payroll companies need to help their clients prepare for some changes to Section 125 Premium Only Plans that will pave the way for the Affordable Care Act (ACA). While it is true that the ACA doesn’t come into full effect for another two years, there are some portions taking effect in 2012 and 2013. It…
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New Years Resolution: Fortifying Finances with Premium Only Plans

As Christmas approaches and the end of the year draws ever closer, people nation wide have finances on their mind; with commerce increasing as the Holiday rush sets in, renewal processes as insurance plans expire, and businesses seeking to fortify their finances for the coming year, the month of December is ever the commercial focal…
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Section 125 Premium Only Plans (POP Plans)- Equal Opportunity and the Importance of Nondiscrimination Testing

Section 125 Premium Only Plans (POP Plans)- Equal Opportunity and the Importance of Nondiscrimination Testing For all of the legal and legislative jargon surrounding the IRS section 125 premium only plan, a great many of the finer nuances of the money saving strategy can be lost on laymen.  For this reason, in addition to an…
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Premium Only Plans-A Tool to Compensate for Inadequate Employee Wages

With the mounting pressures placed legislatively on health care providers, premiums have seen a mounting increase over the last several years.   With the average cost in family health care premiums increasing 113% in the last decade, and businesses struggling to continue providing sponsored health benefits at reasonable prices, employees are feeling the squeeze where their…
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