Plan Document Preparation
Section 125 of the Internal Revenue Code (IRC) allows employees to have their medical and/or dental premiums payroll deducted using pre-tax* dollars. This offering is referred to as a premium conversion plan. Premium conversion plans can provide welcome savings for your employees in times of growing healthcare costs and personal budgeting constraints.
The IRC requires employers to have formal plan documents in place when implementing premium conversion, healthcare or dependent care reimbursement plans. Through our Plan Document Preparation service, the LGC will develop and continually update all plan documents as required by federal law changes related to premium conversion plans or healthcare/dependent care reimbursement accounts.
*Prior to federal income or Social Security tax deductions