call us today 888.722.8382

This email address is being protected from spambots. You need JavaScript enabled to view it.

Legal Compliance

Federal law requires your company to comply with IRS regulations on proper documentation and reporting. Listed below is a checklist of the documents needed to properly support your plan:

  1. Board Resolution  (for corporations, goes in your corporate minute book)
    Authorizes adoption of the plan and documents this action for your corporate minutes (if incorporated).
    - Adoption of the plan must occur before pre-tax contributions are implemented!
  2. Plan Document  (goes in your permanent file for future reference)
    Outlines definitions, requirements, rights, and responsibilities of participants.
    - The plan must be administered strictly in accordance with the Plan Document.
  3. Summary Plan Description  (give a copy to each participant; also file permanently)
    Explains plan provisions and enforceable rights in simple language.
    - A copy must be distributed to each participant within 60 days of plan implementation.
    - The SPD must be distributed again if material modifications are made to the plan.
    - It is not sufficient to merely announce that a copy is available upon request.
    - The U.S. Department of Labor can require submission of this SPD upon their request.

Related items

  • Benefits Bank Account

    Employers whose plans include FSAs should establish a checking account in the bank of their choice to serve as a "benefits" bank account.

  • Key Processing Dates

    Here's a quick reference to help you keep track of our schedule.

  • Discrimination Testing

    A Flexible Benefit Plan may not discriminate in favor of key employees or highly compensated employees (see definitions below).

  • COBRA Compliance

    Learn how COBRA laws apply to your Flexible Benefits Plan.

  • New Employees

    What information is needed when a new employee is hired?