Cafeteria Plan Administration
PLAN OVERVIEW
Employer profile
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Eligible candidates for a Premium Only Plan (POP) include incorporated and non-incorporated businesses including sole proprietorships, partnerships and corporations.
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The business can have any number of employees other than owners.
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Sole proprietors, greater than 5% owners of an S Corporation or Partnership are not able to participate in premium only plans.
* Life insurance cannot exceed $50,000 coverage on a tax-favored basis.
Key benefits of POP Plans
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Share insurance cost with employees on a tax-favored basis.
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Cost savings to employee equals FICA, Medicare, Federal withholding taxes and in most cases State withholding taxes saved on contribution amounts to the plan.
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Cost savings for employer equals FICA and Medicare tax savings for all employee contribution amounts.
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Help make the rising cost of group health care insurance, dental insurance, disability insurance, and life insurance* affordable.
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Easy setup and ongoing plan administration.
Premium Only Plan
Employer will save 7.65% of all contributions to the plan, 6.2% for Social Security and 1.45% for Medicare tax. The total savings for the above participant would be $229.50.
Get to know us beneath the surface. Please
call or e-mail us for a consultation.
Telephone: (860) 693-6991.
E-mail: jef@acgassociates.com