Does your company need Section 125 Administration?
- For some small-group employers a Cafeteria Plan (premium only plan-POP) is beneficial in offering benefits to their employees. Per the IRS website, “A cafeteria plan is a separate written plan maintained by an employer for employees that meets the specific requirements of and regulations of section 125 of the IRC. It provides participants an opportunity to receive certain benefits on a pretax basis.”
- At Capital Group Benefits we assist our small market clients with their Section 125 Administration through our partner MoneyWise Solutions. Should you need assistance, follow the link https://moneywise.wufoo.com/forms/qbg36dy0t9mv0z/ to complete the form to set up your filing request. ACA reporting for calendar year 2019 is due in early 2020.
What is a 5500 Report?
- The Form 5500 Series is an important compliance, research, and disclosure tool for the Department of Labor, a disclosure document for plan participants and beneficiaries, and a source of information and data for use by other Federal agencies, Congress, and the private sector in assessing employee benefit, tax, and economic trends and policies. The Form 5500 Series is part of ERISA’s overall reporting and disclosure framework, which is intended to assure that employee benefit plans are operated and managed in accordance with certain prescribed standards and that participants and beneficiaries, as well as regulators, are provided or have access to sufficient information to protect the rights and benefits of participants and beneficiaries under employee benefit plans.
- In general, all group health plans covered by the Employee Retirement Income Security Act (ERISA) are required to file Form 5500. However, group health plans (whether fully insured, self-insured, or a combination of the two) that covered fewer than 100 participants as of the beginning of the plan year are exempt from the Form 5500 filing requirement. More information may be found at the Department of Labor website www.dol.gov
Do you know the Pay or Play Rules?
How does ACA affect you?
- Affordable Care Act (ACA): The comprehensive health care reform law enacted in March 2010. The Affordable Care Act contains comprehensive health insurance reforms and includes tax provisions that affect individuals, families, businesses, insurers, tax-exempt organizations and government entities. These tax provisions contain important changes, including how individuals and families file their taxes. The law also contains benefits and responsibilities for other organizations and employers.
Did you know the Summary of Benefits and Coverage (SBC) is now required of all Carriers?
- The ACA requires group health plans provide participants and beneficiaries with an SBC containing specific information about the plan and coverage. The U.S. Department of Labor (DOL) has released a new set of Frequently Asked Questions (FAQs) relating to the new summary of benefits and coverage (SBC) notice requirements under Health Care Reform.
Capital Group Benefits partners with HR360 for HR Compliance. Information obtained from HR360 site.