Tag Archives: section 125

Time to Update your pre-tax documents

Many employers are not aware that – if you take employee contributions on a pre-tax basis – that you are required to have a plan document. Changes in the last several years probably mean your document is outdated, unless you did it recently. Furthermore they are required to be updated every 10 years.

Your payroll company may have done this for you – but don’t count on it. I recently had an employer get called by their payroll company asking for a copy of the documents. They then offered to do it for an outrageous amount of money.

We have a service that you can get this done in about 10 minutes online for a $225 fee. We don’t make anything on it. If you have a need, just reach out to the office and we will behappy to point you in the right direction!

When can your employee disenroll from Medical?

If you are taking employee contributions on a pre-tax basis, there are rules surrounding when employees can join coverage (annual enrollment period, special election period), and there are rules about when they can change or drop coverage.

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Reeve Conover is a Registered Representative. Securities offered through Cambridge Investment Research, Inc., a Broker/dealer member FINRA/SPIC. Cambridge and Conover Consulting are not affiliated. Licensed in SC, NC, NY, CT, NJ, and CA.
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