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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?