The Premium Only Plan (POP) was created under Section 125 of the Internal Revenue Code. A POP allows your employees to pay their premiums for employer sponsored insurance such as health, dental, vision, disability, accident and group life (to $50,000) on a pretax basis. You can give your employees a raise, and your company a tax break. Both the employers and the employees profit!
SFB offers the following services for POP Administration:
- All legal Documents and Administrative Forms
- Phone Support for questions about your 125 plan
- Processing and Maintaining Change of Status Elections
- Processing initial Benefit Election Forms to initiate records for plan Administration
- Preparing reports for payroll setup for employee elections
- Processing and sending Employer Pay Cycle Contribution Billing Reports to reconcile with payroll
- Performing nondiscrimination tests and providing nondiscrimination reports to employer, as needed
- Advising Plan Administrator of any known Plan Compliance Issues
