Section 125 Cafeteria Plans offer
Employers a number of advantages:
Improved benefit packages offered to Employees, as each participant can
save from 30-40% of dollars put through the plan.
Employers payroll taxes reduced due to matching FICA/Medicare for a
total of 7.65% (1.45% for municipalities).
Cafeteria Plan Advisors, Inc.
provides a number of services in administrating an employers Plan:
plan documents (Plan Adoption Agreement, Summary Plan Description).
consultation in setting up plan, including any payroll conversions.
onsite meetings for employees.Enroll participants in plans annually.
800# support for employees questions/guidance.
and file 5500 form with the IRS, if required.
to IRS inquiries relating to Cafeteria Plans.
individual system accounts for each employee enrolled in Plan.
budgeted dollars into non-interest account for employer/employee.
participant claims for Flexible Spending Accounts at least twice a
ongoing account status reporting for Plan, to Employer and Employee.
fiduciary responsibility for the Plan.