Core Documents

  In today’s rapidly evolving healthcare landscape, employers are seeking flexible, cost-effective ways to provide health benefits without the burden of traditional group plans. One increasingly popular solution is the Individual Coverage Health Reimbursement Arrangement (ICHRA)—a tax-advantaged option that empowers both employers and employees. What Is an Individual Coverage HRA? An  Individual Coverage HRA  is a type of Health Reimbursement Arrangement that allows employers to reimburse employees for health insurance premiums and qualified medical expenses. Unlike traditional group health insurance, ICHRAs give employees the freedom to choose the plan that best suits their individual needs. Employers determine a monthly allowance, and employees use those funds to pay for their own individual health insurance or eligible healthcare expenses. It’s a modern approach to benefits that offers flexibility, tax savings, and customization. Key Benefits of an ICHRA for Employers ...

  In today’s competitive job market, offering attractive benefits beyond salary is critical for recruitment and retention. One standout benefit is the   Employer Education Assistance Program —a powerful initiative that not only supports employee growth but also addresses one of the most pressing issues of our time: student loan debt. Under  Section 127 of the Internal Revenue Code , employers are allowed to provide employees with up to  $5,250 per year in tax-free educational assistance . This includes tuition, fees, books, and even, until the end of 2025,  student loan repayment assistance . This benefit plays a pivotal role in easing the financial burden on employees while offering companies a competitive edge. How the Program Works The  Employer Education Assistance Program  is fairly straightforward. When implemented correctly, employers can reimburse or directly pay for eligible educational expenses, and employees won’t owe taxes on the amount rec...

  Raising a child is rewarding, but it also comes with significant financial responsibilities—especially when it comes to childcare. Fortunately, working parents in the United States can take advantage of tax-saving tools like a   Flexible Spending Account (FSA)   for   tax-free childcare expenses . One such benefit, outlined under   IRC Section 129 , is the   Dependent Care Assistance Plan (DCAP) —an FSA specifically designed to reduce the burden of childcare costs by offering   pre-tax savings . What Is a Dependent Care FSA? A Dependent Care FSA is an employer-sponsored benefit that allows employees to set aside pre-tax dollars to pay for eligible childcare expenses. By participating in a Dependent Care FSA, families can save up to 30% on childcare costs, depending on their tax bracket. This makes it a powerful tool for managing the financial demands of working parenthood. How  Tax-Free Childcare Expenses FSA  Work When an employee opts int...

  When it comes to managing group health plans, many employers unknowingly leave themselves exposed to major compliance risks. Under the Employee Retirement Income Security Act (ERISA) and the Affordable Care Act (ACA), businesses offering group health benefits are legally required to provide a Summary Plan Description (SPD)—and for most, that means preparing a   Wrap SPD . If you're not already working with an   ERISA Wrap SPD expert , now is the time to take action and avoid costly penalties. What Is an ERISA Wrap SPD? A Wrap SPD is a legal document that “wraps around” your existing insurance policies and benefits booklets, supplementing them with all of the ERISA-required disclosures and language. While your insurance carriers may provide certificates of coverage, those documents  do not  meet ERISA’s strict documentation requirements on their own. An ERISA Wrap SPD ensures you: Fully disclose participant rights and plan details Meet documentation standards r...

  If you’re an employer offering group health insurance, compliance with the Employee Retirement Income Security Act (ERISA) isn’t optional—it’s a legal obligation. One crucial but often overlooked requirement is the creation and distribution of an ERISA Wrap Summary Plan Description (Wrap SPD). Without it, employers risk facing steep fines and legal complications. The Wrap SPD isn’t just paperwork—it’s a vital compliance tool that protects both employers and employees under federal law. According to a recent article on EIN Presswire, failure to provide a compliant Wrap SPD could result in penalties of up to $110 per day, per plan participant. That can add up quickly for any business. What Is an  ERISA Wrap SPD ? A Wrap SPD is a legal document that “wraps around” insurance certificates or contracts to provide the additional information required by ERISA. While insurance carriers often provide benefits booklets or certificates of coverage, these documents ty...