BIS

Flexible Spending Account Administration Services

Under IRC 125, employers can adopt a plan to allow participants to set aside money on a pre-tax basis to pay for qualifying medical and dependent care expenses. With Benefit Information Services (BIS), employers can affordably implement and manage Flexible Spending Account (FSA) programs and take advantage of the often substantial tax saving.

The key factors for Flexible Spending Account Plans are:
  • Communication and Education
  • Enrollment Meetings
  • Plan Compliance

Communication and Education

An important component of establishing a successful Flexible Spending Account Plan is the education and communication.  Benefit Information Services, Inc. (BIS) will provide a custom designed package to meet the specific needs of your employees. Whether it is in print, in person, or Internet based, the application is an integral part of an effective communication.

  • Announcement letter
  • Informational brochure
  • Employee health/medical expense worksheet
  • Dependent care expense worksheet
  • Enrollment forms
  • Enrollment meetings

Plan Administration Services

BIS will provide the following administrative services:

  • Annual open enrollment meetings
  • Annual employee election and per pay period report to employer
  • Monthly contribution report by pay period
  • Weekly processing of all reimbursement requests (direct deposit or check)
  • Customized administration forms and manual
  • Customization of Plan Document and Summary Plan Description
  • Assistance with Plan Amendments, Summary Material Modifications and Board Resolution
  • Weekly reimbursement check register to employer
  • Weekly ACH of claims funding from employer
  • Quarterly account statements for employees
  • End of plan year forfeitures report and annual FICA Savings Report
  • Participant toll free line of 1.800.761.1934
  • Web site: www.bis-mn.com

Plan Compliance

BIS provides plan compliance services including:

  • Discrimination Testing
  • Filing IRS form 5500 and Summary Annual Report
  • Adherence to eligible expense rules & guidelines for participant claims

 

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