Keep your health and welfare benefits in check

The health and welfare products you offer are great benefits for your employees, but they need to meet a number of complicated regulatory requirements. We offer an array of tools and services, backed by valuable support, to help you confidently manage your compliance with these regulations.

Keeping important regulatory documents in order

Our range of plan drafting services is designed to meet your specific needs and can help keep crucial regulatory documentation updated and accurate as plan details and circumstances change. Available services include Summary Plan Descriptions, Plan Documents, Summaries of Material Modification, and Plan Amendments for the following products:

  • Pre-Tax Premium - Premium Only
  • Dependent Care Flexible Spending Accounts (FSAs)
  • Health FSAs
  • Health Reimbursement Arrangements
  • Wrap Arrangements

Providing access to essential nondiscrimination tests

Lifetime Benefit Solutions also offers a self-service web portal for nondiscrimination testing required under the Internal Revenue Code. It offers you the ability to test a cafeteria plan, including a Health Flexible Spending Account (FSA) and Dependent Care FSA, as well as a Health Reimbursement Account and self-funded plan. Tests are performed instantly once your data is submitted, and printable reports are available with your results.

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Preparing your Form 5500 for quick and easy filing

Employee Retirement Income Security Act (ERISA) health and welfare benefit plans, including health FSAs, are required to file a Form 5500 annually. This applies, generally, to any plan with 100 or more participants at the beginning of the plan year. It is also required that all health and welfare benefit plans file Form 5500s electronically. To make it easy, we can prepare these forms for your plans and send them to you with detailed instructions on how to file them through EFAST2 on the Department of Labor’s website.

Compliance is easier with a proven partner in your corner. Consider Premium Only Plans

Our Premium Only Plan services allow an employer to establish a plan that authorizes employees to pay for their portion of health care (as well as dental, vision and group-term life insurance) premiums on a pretax basis. Employers save Federal Insurance Contributions Act (FICA) taxes on these employee contributions, while employees save both FICA and income taxes on their contributions.

Our services to Premium Only Plans include:

  • Plan Document and Summary Plan Description
  • Annual Discrimination Testing

Note: LBS is not a law firm. This material is for informational purposes only and does not constitute legal advice. Please consult with your own legal counsel for the legal requirements that may apply.

 

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