Training Course
Syllabus:
This seminar is designed for human resource managers, benefits professionals, CFOs, accountants, payroll managers, business owners and managers, insurance professionals, financial planners, consultants, enrolled agents and attorneys.
This seminar will provide an in-depth overview of the comparisons of Section 105 and Section 125 Plans.
The attendee will learn how the two tax codes can lower their insurance premiums by 25% and help address the needs of a diversified work force. The attendee can also learn how to increase employee benefits and decrease payroll taxes at the same time – all while staying compliant.
The new revenue ruling on debit cards will also be discussed.
This highly-informative seminar will benefit human resource managers, benefits professionals, CFOs, accountants, payroll managers, business owners and managers, insurance professionals, financial planners, consultants, enrolled agents and attorneys.
8:30 a.m. - 9:00 a.m.
I. The Major Concerns Of:
A. Tax Professionals – Compliance, Bottom-Line Benefit, Year-End Reporting
B. Insurance Professionals – Integration With Health Insurance Plan
C. HR Director – Added Work Load, Employee Education, Ease Of System
D. Employees – “Use Or Lose” Rule, Speed And Ease Of Reimbursement
E. Employers – Benefit vs. Cost Of Administration And Disruption To Business
9:00 a.m. - 9:30 a.m.
II. The “Why” Of Section 125:
A. “25% Credit Card vs. The Tax Free Bank” Concept
B. Quick Calculation For Determining Projected Tax Savings To Owner
C. Intangible Benefits To The Employer
D. Available Benefits To The Employer
9:30 a.m. - 10:05 a.m.
III. Eliminating/Managing The Risks:
A. Tax Professional – Proper Documentation And Compliance (Discrimination – Highly Compensated – Controlled Group)
B. Employer – Uniform Coverage
C. Employee – “Use Or Lose” vs. “Go With What You Know”
10:05 a.m. - 10:15 a.m.
Break
10:15 a.m. - 10:30 a.m.
IV. Mechanics Of Installation:
A. Plan Application Basis For Plan Document And SPD’s
B. Plan Year Established – Calendar, Fiscal, Special, And “Short”
C. Enrollment Of Participants – Employee Election Information To Payroll Co. And TPA
10:30 a.m. - 11:30 a.m.
V. Mechanics Of Participation:
A. Annual Elections By Employees Divided By Number Of Payrolls
B. Election Money Withheld By Payroll Co. And Sent To TPA
C. Claim For Reimbursement – On-Line, FAX, And Debit Card
1. Receipts vs. No Receipts
D. Annual 5500 – Re-Election/Re-Enrollment – 90 Day Run Out –Termination
E. Today’s Technology – On-Line, ACH, Direct Deposit, etc.
11:30 a.m. - 11:45 a.m.
VI. Rules Of Thumb – Do’s And Don’ts:
A. Get A Full Audit Guarantee From Administrator
B. Employee Meeting(s) Need To Be Mandatory And Prepared For With “Flyers”
C. Don’t Wait To Start
D. At Some Point, Everyone Needs To Listen To An “Expert”
E. Cost Of Administration Is Realized Two Ways And One Way Is “Very” Expensive
11:45 a.m. - 12:00 p.m.
VII. Questions And Answers
12:00 p.m. - 1:00 p.m.
Lunch (On Your Own)
Section 105
1:00 p.m. - 1:45 p.m.
VIII. The Professional Team
A. Insurance Professional – High-Deductibles Dominate New Plans
B. Employer/HR Director – Maintaining Healthy Employee Attitude
C. Administrator – IRS, DOL, ERISA, And HIPAA Compliance Issues
1:45 p.m. - 2:30 p.m.
IX. The “Why” And “Why Not” Of Section
105
A. 25% - 30% Health Insurance Premium Savings Possible
B. Rules Of Thumb Regarding Health Premiums
C. Employee Mentality Toward Benefits And Risk
D. Additional Unknown Risk To Employer vs. Known Premium Savings
2:30 p.m. - 2:40 p.m.
Break
2:40 p.m. - 3:25 p.m.
X. Mechanics Of Installing And Using
Section 105
A. Plan Application Is Basis For Plan Document And SPD’s
B. Participants Based On Those Participating In Group Health Program
C. Self Administration vs. Full Administration By TPA
D. Funding The 105
E. “Money Back” vs. “Carryover” Feature
3:25 p.m. - 3:45 p.m.
XI. Rules Of Thumb
A. Get A Full Audit Guarantee From Administrator
B. Employees Should Always Have A “Buy-Up” Option (Mandatory Meeting)
C. Employer Must Understand The Additional Risk Element Clearly (Examples)
3:45 p.m. - 4:30 p.m.
XII. Section 105 For The Closely-Held Family
Business
A. Small Business’s Secret Weapon
B. Average Tax Savings Over $2,500 Per Year!!!!
C. Short Wrap-Up With Question And Answer Session |