Cafeteria Plan Administration

Adoption Resolution

CIS will provide the appropriate Adoption Resolution necessary to put the Cafeteria Plan document into effect. If an Adoption Resolution has been previously prepared and accepted, CIS will review the Resolution to verify it meets with the current needs of the Company.

CIS will provide the appropriate Adoption Resolution necessary to put the Cafeteria Plan document into effect. If an Adoption Resolution has been previously prepared and accepted, CIS will review the Resolution to verify it meets with the current needs of the Company.

Plan Documents

A Cafeteria Plan Document for Premium Only Plans (POP) and Flex-Spending Accounts will be prepared by CIS in partnership with National Benefit Services, HSA Bank, or other FSA/HSA providers (depending upon the vendor selected by the employer). If a Cafeteria Plan document already exists, CIS will review it to ensure it is up-to-date and accurate.

Employee Enrollment

Employee Enrollment is the most important part of the Cafeteria Plan cycle. Experienced licensed insurance professionals will perform the employee enrollment. All employees have access to an enroller to assist them with their individual needs.  Employees may also self-enroll on the online enrollment system which is available 24/7 during the enrollment period.

Summary Plan Description

Employees have access to the Summary Plan Description on the unique Website for the employer or through distribution to all employees. This document outlines how the Cafeteria Plan works, the products which are available, and the most frequently asked questions.

 

FSA and HSA

Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA) allow each employee to save additional pre-tax money for certain medical and childcare expenses.  An outline of the eligible medical expenses for the FSA (unreimbursed medical expenses) will be furnished.  The differences between the FSA and HSA will be made available so that each employee can compare the features of each option to determine the plan that best fits their individual needs.  CIS will also provide a Dependent Care Credit Calculation to show each employee whether the pre-tax Dependent Care Account or claiming dependent care expenses on the normal tax return is better for them. A Tax Savings Worksheet will be completed to show each employee their individual savings based on their elections.  Both electronic and paper Benefit Election Forms are used to enroll the individual employees.  Each employee will receive a copy of his or her Benefit Election Form to keep for his or her own record.

Discrimination Tests

CIS utilizes software from National Benefit Services, HSA Bank or other FSA/HSA provider (depending upon the vendor the employer selects) to perform all necessary discrimination testing. These tests are run to keep your Cafeteria Plan within the current IRS regulations.

 

IRS Reporting

CIS will complete all IRS Form 5500 reports, including the appropriate attachments and schedules required by IRS.

Consolidated Billing Services

Consolidated Billing is a way for the Employer Group to reduce the burden of some of their payroll functions by transferring the reconciliation of payroll deductions with insurance company billings to a Third Party Administrator. The Employer Group remits one check for all insurance products to Crider Insurance Services, who in turn, remits the payroll deductions to the separate vendors.

 

By using a “one-check” system, the Employer Group can focus its attention and administrative capacity on the other responsibilities of the payroll accounting staff.

 

Not only does the Employer Group free up time spent on reconciling the billing statements, printing and re-printing checks, and mailing all the statements, but the phone call volume from insurance companies and vendors is also greatly reduced.

 

Crider Insurance Services becomes the first contact for the insurance companies with regard to billings and premiums. Instead of dealing with many different insurance companies, the Employer Group works with one source – Crider Insurance Services.