There are several administrative
details that must be followed in order to comply with Section 125 code
legal requirements. Payroll Management makes the process of setting up
and running a Section 125 Plan simple and cost-effective by eliminating
complex paperwork hassles and dealing with governmental regulations.
The Plan Document
Outlines plan specifics such
as a description of benefits, participation rules, election procedures,
employer contributions, and the plan year.
The Summary Plan Description
(SPD)
SPD's are distributed to
all plan participants. This document summarizes employer-specific plan
characteristics including information concerning the plan's sponsorship
and administration.
Department of Labor
Documentation
The SPD is a Department of
Labor required document. The SPD must be provided to plan participants
within 90 days of the plan's effective date.
Employee Enrollment
Initial enrollment needs
to be administered. Participants can enroll once a year at the designated
enrollment period before the beginning of the plan year. Payroll Management
provides enrollment booklets that include an Introduction to Employee
Tax Savings, a Questions and Answer section, and enrollment forms.
Employee Benefit Plans
The company offers access
for small businesses to all types of employee benefits. As a result,
advantages of these popular plans can be enjoyed by any size business.
