We want to ensure we provide clients with the proper support and education regarding regulations and compliance. H|BC has looked far and wide and searched relentlessly to provide a solution that is not only affordable but also gets you all the proper documentation you need to keep your business out of hot water. An employee benefits program should be a benefit to your company and your employees, not an open door for regulators to come in and assess fines and penalties for non-compliance.
Compliance Services
The HBC compliance package
Our compliance package consists of 2 elements:
First, we help establish your employee benefits program in writing with the proper ERISA Formation Documents. Just like you had to have official formation documents for your business, you must also have formation documents for your business’s benefits program in ERISA Formation Documents. Think of your benefits program as an additional arm of your business.
The service we use creates what is referred to as a “Wrap Document.” This document entails collecting your benefits program documentation and tying it into a comprehensive legal document.
The second piece accompanying the Wrap Document is frequently referred to as the “POP Plan” (aka Premium Only Plan, Section 125 Document, or Premium Conversion Plan).
It is a benefit to be able to deduct premiums pre-tax. This benefit ensures compliance regarding taking health, dental, and vision premiums out of payroll on a pre-tax basis without an official plan. It benefits the company and employees by lowering tax liability. The government, however, requires all benefit programs to be established in writing.
Additional compliance benefits
We’ve taken our compliance packages one step further by helping our clients gather the following to make it easier for them to locate documents:
- All summaries
- Administration guides
- Certificates of coverage
- and other items that insurance or benefit providers make available
That way, if and when an auditor from the IRS or DOL comes looking for your organization’s paperwork-you won’t be scrambling trying to produce it.
Related Information
Holloway Has You Covered
Most people don’t talk about the compliance side of the business. Most agents want to sell a policy and move on to the next one, and they don’t have the employer’s interests at heart. But, that’s not how we do business at H|BC. We want to make sure our clients are aware of the regulators’ requirements, and if they want our assistance, we will bring our service and expertise to the table and help them through the process.
Do you have compliance concerns, or are you ready to have a tailored plan for your small business? Our specialists are here to assist you in selecting the right kind of small business program that is best for your company. Each program is tailored to your company’s unique needs.