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.