Under regulations of Section 125 of the Internal Revenue Code, an employer can implement various Plans which allows employees an opportunity to receive certain benefits on a pre-tax basis. In this article, we will look at the Premium Only Plan (POP), where employees can elect to pay their portion of insurance premiums on a pre-tax basis, creating a savings for both the employee and the employer. Setting up a POP is simple and you just need to have a Plan Document and Summary Plan Description in place that describes all benefits and establishes the rules for eligibility and elections. (If…
Posts published in August 2017
Effective January 1st, 2018, employers in New York State will be required to offer Paid Family Leave coverage for their workforce. Employer’s should prepare now for this new coverage and can even voluntarily comply and start the coverage earlier. Do not wait until December 31st. New York will become the fourth state requiring family leave coverage, following California, New Jersey, and Rhode Island. This coverage provides wage replacement and job protection to employees who need time off to bond with a new born, adopted, or fostered child, care for a family member with a serious health condition, or assist…