Group benefits are an important component to attracting and keeping valuable employees, especially since the onset of the Covid pandemic. Why you should consult with us: 1. We are well equipped to guide you through the process of finding the plan design and insurance carrier that best suits your budget and needs 2. Our financial backgrounds ensure that we are well equipped to be sure you meet the compliance requirements associated with group benefit plans as well as maximizing the tax advantages available to the owner and employee. 3. Free Benefit administrative platform (EASE) which allows online benefit management of your group.
It is important to comply with the various governmental agencies as it pertains to employee benefits as failure to do so can result in fines and penalties.
Department of Labor Notices
These employer required notices are provided on our online benefits portal to your employees.
ERISA Wrap Plan Document
This document is required if your business offers group medical benefits. The Employee Retirement Income Security Act (ERISA) requires plan administrators to give to participants and beneficiaries a Summary Plan Description (SPD) describing their rights, benefits, and responsibilities under the plan in understandable language. Failure to provide an SPD or plan document within 30 days of receiving a request from a plan participant or beneficiary can result in a penalty of up to $110 per day per participant or beneficiary for each violation. In addition, should you be audited by the Department of Labor and do not have a wrap document, it can result in a penalty of up to $161 per day (not to exceed $1,613 per request).
Good news! We will help you create the document after enrollment to be sure it’s done correctly.
Section 125 Premium Only Plan
Employee premium contributions can be made pretax, which will save employees and employers alot of money. This plan is simple to set up and is renewed annually. Failure to establish a plan while withholding premiums on a pretax basis may result in IRS penalties and fines.
No worries! We will assist you with this plan.
Cobra Administration
If you have at least 20 employees, full and part time, on more than 50 percent of your typical business days in the previous calendar year, you must offer Cobra coverage to your employees.
We have various options to help you meet your requirements.
PCORI Fees (Patient Centered Outcome Research Institute
All self funded groups must file Form 720 with the IRS by October 1st each year and remit the fee.
1094/1095 Year End Tax Documents
These are documents that are provided to employees and the IRS at year end.