Helping your employees save doesn’t just benefit them – it helps employers like you, too. Providing employee benefits that are easy to both understand and use will encourage them to participate. Advantage Administrators recommends accomplishing this by providing employees with a benefits debit card. Automated Spending Using a...
As you start spending more time outside and on vacation, remember that many necessary summer items are FSA-eligible! Here are a few of our favorites. Always check with your Advantage Administrators representative first, as some of these do require a prescription.
A unique and increasingly popular employee benefit is commuter benefits, which allow employees to put aside pre-tax dollars to spend on commuting expenses like parking and bus fare. Just as with other benefits, it’s important for employers to make this benefit easy to understand and use, in order for more employees to take advantage of...
Happy Memorial Day! As you celebrate with parades and cookouts, don’t forget what this day is about- remembering and honoring our fallen soldiers.
In this Family Nobody Fights Alone. Today, we wore shirts made by our team member Cathy in support of Bonnie.
Having an employee leave your company can be detrimental. According to a 2019 study by the DDI, 57% of employees have left one or multiple companies because of their manager – not their job. An additional 32% have considered leaving their job for the same reason. When you consider that employee turnover costs companies $11...
Only 16 percent of employers believe their employees are saving enough money for retirement. While many employers recognize this is an issue, determining the best solution has yielded a variety of different tactics. One retirement-planning account that’s often overlooked is a health savings account (HSA). Only 7 percent of HSA participants invest their funds, even though an HSA has retirement-planning...
We got the shot! At Advantage Administrators, we’re doing our part to stop the spread of COVID-19. Several of our employees have already gotten the vaccine.
Advantage Administrators will be closed on Monday, May 31st in observance of Memorial Day. We will resume regular hours on Tuesday, June 1.
Most “health and welfare” benefit plans must comply with specific requirements set forth by ERISA (the Employee Retirement Income Security Act of 1974). Most fully insured policies comply with ONLY SOME of those requirements. The following are a few of the ERISA requirements that employers need to comply with:
Failure to meet ERISA’s requirements can result in significant penalties imposed by the DOL:
The Wrap document is a shortened plan document and/or summary plan description that incorporates all required language to meet the ERISA guidelines. This document “wraps around” existing insurance policy language, and self-insured plan language, to create a fully compliant plan document and summary plan description. The Wrap document is a single document that can fully incorporate multiple plan documents for the different employee benefits that an employer offers. It can also be a combination of fully-insured and self-insured plans or any variation thereof. More importantly, only ONE summary plan description and ONE Form 5500 filing is required for all the plans that fall under the Wrap arrangement.
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