A Tradition of Excellence in Service
Flexible Benefit Plans
Flexible Benefit Plans are an ever evolving and innovative way for employees to benefit through savings while receiving the best their fringe benefit package has to offer. By participating in a Flexible Benefit Plan, employees choose the benefits that are needed most. Employees can:
- Pay certain group insurance premiums with pre-tax dollars.
- Set aside pre-tax income to pay for non-reimbursed medical/dental expenses with pre-tax dollars.
- Use pre-tax income to pay for child care expenses with pre-tax dollars.
Pension and other related benefits based on salary are not reduced. By participating in a Flexible Benefit Plan, employees increase their take-home pay. Flexible Benefit Plans provide significant benefits to employers. The plans are win-win because:
- The plan helps attract and maintain good employees.
- The employer helps the employees reduce their tax liability significantly.
- Employers and employees recognize significant tax savings through a lower FICA match.
- Flexible Benefit plans can be implemented with no change in current benefit levels.
- Each employee makes an annual election of the benefits that are best for them.
ADMINISTRATIVE SERVICES INCLUDE:
- Plan set up to conform to all Internal Revenue Code Section 125 requirements including plan document.
- Preparation of plan announcement, material for distribution to employees.
- Employee meetings.
- Full claims administration.
- Flexible funding options
- Quarterly account statement reporting to all participants.
- Year end "use it or lose it" reporting.