My Compliance Services

Our à la cart compliance services provide employers with the support they need to meet regulations, with wrap plan documents, Form 5500 preparation, and cafeteria plan nondiscrimination testing.

Wrap Documents

With your Wrap Plan Document, your health and welfare benefits are wrapped into a single plan document and summary plan description (SPD) to simplify administration, combine required notices, and eliminate the need to submit multiple Form 5500s. We send you a form to collect the data we need, you send the information to us, we review it, and produce your Wrap Plan Document

Form 5500 Services

When you use our Form 5500 services, we prepare your health and welfare benefit plan Form 5500 to help you meet your ERISA reporting requirements and you file it. We prepare Health Care FSA Form 5500 at no additional charge for BESTflex Plan clients and we prepare Form 5500 for other clients for an additional fee.

Nondiscrimination Testing

Nondiscrimination tests are a series of tests required by the Internal Revenue Service (IRS) to determine if a cafeteria plan favors select individuals. All employers who offer pre-tax benefits, regardless of business type or size, are required to perform annual nondiscrimination tests or hire a third party to conduct testing on their plan. If the employer does not comply with annual nondiscrimination testing, they could be subject to taxes and penalties.

We gather information from you, the employer, and then perform the required testing on your behalf. Annual testing is included in our BESTflex Plan product and available as an à la cart service if you want additional tests or for other cafeteria plans (not our BESTflex Plan).

We send you an email when it’s time for you to complete and submit your Nondiscrimination Testing Worksheet. Our clients say this worksheet typically takes them about 30 minutes to complete, with some saying they may need to follow up with a colleague to verify 1-2 data points.

Compliance Services