Diversified Administration, Inc. can bring the powerful savings of a POP or Flex plan to your company today. Everything you need to install your POP plan will be provided to you. Since the set-up of Flex plans are more involved, we’ve got some innovative solutions for streamlining the set-up process. We can send you over import templates which you can populate with data you already have, and we can have your company set-up in our system within a few hours. With any of our plans, our professional staff will prepare for you:
A Customized Plan Document
We tailor the document to fit the needs of your company. We know each company is different and has different needs. Our complete plan documents are tailor-fit to your specifications. They are professionally bound and are signature-ready following review by your legal counsel.
A Customized Summary Plan Description
The DOL requires that each plan participant be given a Summary Plan Description, which is an important tool in communicating to your employees about the great benefits you’re offering. We provide this document along with all other plan documents in digital and hard copy format, to make it easier for you to get this vital information to the eligible employees.
Election/Waiver Forms
The waiver forms are specific to POP plans and we can set them up in one of two ways:
- Participants must physically elect to participate in the plan
- All eligible employees are automatically enrolled unless they waive out of the plan.
In either circumstance we can provide you with the proper documentation and materials to ensure compliance with federal and local regulations. For the FSA reimbursement plan employees must positively elect an amount for each new plan year.
Annual Discrimination Testing
Once we have collected some basic census information on your company, we can provide you with detailed Discrimination testes which will determine if the plan is complete as-is, or if it needs to be modified to be in line with IRS regulations and guidance. This annual testing is required to ensure your company is not being exposed to IRS penalties or even invalidation of your entire plan. This is important, yet overlooked by may employers. Keep your company compliant with Diversified Administration, Inc.’s benefits professionals.
To set up a Flexible Spending Plan, you will need to above listed documents and testing, but there is a little more involved in setting up the reimbursement accounts. This small amount of work is offset by the greater tax savings for all involved. This is another place where we can really tailor the fit of our plans to meet your company’s unique needs.
First we can help you evaluate your current benefits and the needs of your employees. With this information in hand we can advise you on which portions of the plans to include for your company and also determine plan limits to contain the risk to both employers and employees. Once we have the plan design ideas solidified we can begin looking at the reimbursement features we offer.
