Many clients are unaware of how they can achieve and maintain lower benefit costs. By ensuring only eligible individuals are covered under benefits plans, we eliminate healthcare claims ineligible dependents incur that drives up benefit costs for all other parties. At FBA, our Dependent Audit Team is prepared to review all covered dependents under each benefit plan against eligibility rules to identify possible ineligible participants. This service helps companies focus on attracting and retaining quality employees.
The IRS, Department of Labor and Pension Benefit Guaranty Corporation jointly developed the Form 5500-series return for employee benefit plans to satisfy annual reporting requirements under ERISA and the Internal Revenue Code. Clients must generally file the return on the last day of the seventh month after their plan year ends. To alleviate the administrative burden on clients, Flexible Benefit Administrators, Inc. (FBA) offers preparation and filing of Form 5500.
A non-discrimination test can be performed when implementing a flexible benefit plan. Under IRS regulations, Section 125 plans benefit from favorable tax treatment. As such, there are certain non-discrimination rules in place to ensure these plans do not favor highly compensated or key employees over other classes of employees. As an optional service, Flexible Benefit Administrators, Inc. (FBA) can provide testing to guarantee these plans are within compliance guidelines and recommend improvements, if necessary, should a benefit program not meet requirements.
Plan Document Preparations
Under ERISA, all employee welfare benefit plans must have a written plan document to identify basic information about the administered benefit programs. Plan document preparations are designed to help ensure clients meet applicable legal requirements under ERISA, the Internal Revenue Code, HIPAA, the Affordable Care Act and more. With our preparation you will receive a formal, written, legal statement listing the provisions of the administered benefits.