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.
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
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.
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.