Tag: Premium Only Plans

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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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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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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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What Products are IRS Section 125 Eligible Expenses?

Often referred to as Cafeteria or IRS Section 125 a Premium Only Plan is an employee benefit plan that allows employees to select desired benefits from their employer’s benefit package, “cafeteria” style.  The real benefit of this type of plan is the tax favored treatment from the IRS if set up in accordance with Section…
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Benefits Eligible Under Section 125 Premium Only Plans

The main benefit to section 125 plans is the money. Companies that provide benefits to their employees look to saved hundreds of dollars if not more. Check out our calculator to see how much money your company could be saving today. This calculator focuses on medical insurance premiums as this is typically a company’s heaviest…
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Are Your Plan Documents in Compliance?

Many business owners and hr professionals do not know about Section 125 Premium Only Plan Documents until 1 of 2 events happen. One of the most common reasons is the simple fact that they are being audited and found Section 125 on a list that they are following to prepare for the audit. The other…
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Cafeteria Plans and How Owners Benefit

The fact is that owners can not participate in the company’s Section 125 Cafeteria Plan. Specifically the following owner/employees are not able to participate in a Section 125 Cafeteria Plan: Owners of an S Corporation owning more than 2% and their spouse, parents, children, and grandchildren Partners in a partnership Members of a LLC The…
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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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State Legislation Requiring Compliance to Premium Only Plans

State Legislation Requiring Compliance to Premium Only Plans With the wide range of benefits Premium Only Plans offer employers, the ability to augment the rising cost of plan premiums has grown in repute.  As an ever increasing number of businesses nationally have subscribed to and benefited from the money saving strategies Premium Only Plans provide,…
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