This seminar is designed for human resource and payroll managers, accountants, benefits managers, CFOs, controllers, presidents and vice presidents, business owners and managers, office managers, insurance professionals, tax managers, financial planners, consultants and attorneys.
This day-long seminar is designed to give participants a thorough overview of the intricacies of Section 125 Cafeteria Plans, self-insured health plans and HIPAA compliance. Practitioners, plan administrators, recordkeepers, attorneys, accountants, consultants, trust officers and human resource professionals will benefit from the expertise and knowledge of our guest speakers who will be sharing hands-on, practical experience. You will obtain valuable insight into the most common compliance deficiencies and pitfalls to avoid. Examples and comprehensive coverage of all the terminology you need to know will enhance this seminar experience.
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.
10:15 a.m. - 10:30 a.m.
IV. Mechanics Of Installation
A. Plan Application Basis For Plan Document And SPDs
B. Plan Year Established – Calendar, Fiscal, Special, And ‘Short’
C. Enrollment Of Participants – Employee Election Info 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. - 12:00 p.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
F. Wrap-Up Questions
12:00 p.m. - 1:00 p.m.
Lunch (On Your Own)
1:00 p.m. - 4:30 p.m.
(Break 2:50 p.m. - 3:00 p.m.)
VII. The New Direction Of Benefits –
A. Tax Savings Through International Revenue Code Section 105 And Section 125
B. Premium Reduction Through The Use Of High Deductible Health Plans
C. Health Reimbursement Arrangements, Medical Savings Accounts And Flexible Spending Accounts
VIII. Regulatory Issues
A. HIPAA Compliance
B. Non-Discrimination Rules