Document Information
PREMIUM ONLY PLAN DOCUMENT
The Section 125 Premium Only Plan is part of the IRS Code that allows employees to purchase health insurance and other ancillary benefits tax free.
ERISA “WRAP” DOCUMENT
Wrap Up your Plan Document, Summary Plan Description (SPD) and ERISA required language in one place. While carrier contracts, policies and certificate booklets may function as the written plan document, such documents will usually not include required ERISA language and specifics about the plan itself. When this happens, adding a wrap document will be necessary for compliance with the written plan document and SPD requirements under ERISA.
HEALTH REIMBURSEMENT ARRANGEMENT
A Health Reimbursement Arrangement (HRA) is a tax-advantaged benefit that allows both employees and employers to save on the cost of healthcare. HRA plans are employer-funded medical reimbursement plans. The employer sets aside a specific amount of pre-tax dollars for employees to pay for health care expenses on an annual basis.
FLEXIBLE SPENDING ACCOUNT
A Flexible Spending Account (FSA) is an employer sponsored benefit that allows both the employees and the employer to save money on insurance premiums and out‐of‐pocket medical and dependent care expenses. The plan operates on a plan year basis established by the employer.
DEPENDENT CARE
Dependent care flexible spending accounts are reimbursement accounts offered by your employer as part of your benefits package. It allows you to use pre-tax dollars to pay for eligible dependent care FSA expenses, such as day care, preschool, or after-school care for a qualified individual.
TRANSPORTATION DOCUMENT
Established in 1993 as part of the federal tax code section 132(f),[4] commuter benefits were meant to provide tax incentives to employees to encourage their use of mass transportation in order to reduce congestion and improve air quality. The law provides for monthly maximum 'caps' on the amounts that can be excluded from gross income and are therefore not taxed as ordinary income.