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Tag: Section 125 POP

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TaxFreePremiums your Section 125 Premium Only Plan (POP) Provider

Every penny counts when you’re running a business, so why would you want to pay your attorney to create a Section 125 POP Plan document that you can generate in just a few minutes? Section 125 Plans are complex. Even the simplest IRS rundown takes multiple tries and is difficult to digest, costing you and…
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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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Benefit Brokers and Advisors Offer Clients Section 125 Assistance

IRS Section 125 POP plans have been around for years but for many small business owners the documents are filed away from years ago, outdated, or even worse they don’t exist.  With DOL audits on the rise and compliance in full scope under “ACA” more and more clients are asking their benefit brokers and advisors…
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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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Premium Only Plans as a Strategy to Address Increasing Costs of Employer Sponsored Health Insurance

Premium Only Plans as a Strategy to Address Increasing Costs of Employer Sponsored Health Insurance Employer sponsored health insurance has become an increasingly important aspect in the American economy; insuring approximately 157 million individuals, it currently makes up the greatest number of insured Americans.  As economic pressures have forced business owners to cut costs and…
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Section 125 POP Plans are Required to Perform Non Discrimination Testing Each Year

If you read the IRS regulations on Section 125 POP Plans, also known as cafeteria plans, one thing becomes clear:  the IRS wants all employees to have equal access to the plan and its benefits.  That’s why the regulations include nondiscrimination rules and require regular testing of the plan. Nondiscrimination rules are intended to discourage…
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Employers May See Productivity Backlash as Economy Improves

The American worker has spent the last few years being more productive than ever.  Thanks to the recession and a dismal job market, employers could easily mandate that workers “do more with less” without having to worry about a mass exodus.  It worked for a while, but new research suggests that employees are tired…and looking…
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Employers Without a Section 125 Plan Miss Out on HUGE TAX Benefits

If you still haven’t augmented your company’s benefits program with a Section 125 Premium-Only Plan, you are missing out on substantial cost savings – and so are your employees. A Section 125 POP Plan is often referred to as a cafeteria plan.  You probably already know that a cafeteria plan allows employees to select from…
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