AmeriFlex Presents Your POP Plan: A Guided Tour Outline of Presentation ► What is a POP Plan? ► How do you start a POP plan? ► The Plan Documents ► Enrollment.

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The information contained in this training is confidential and intended for the training and education of Colonial Life & Accident Insurance Company and.
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Presentation transcript:

AmeriFlex Presents Your POP Plan: A Guided Tour

Outline of Presentation ► What is a POP Plan? ► How do you start a POP plan? ► The Plan Documents ► Enrollment Procedures ► Payroll Adjustments

What is a POP Plan? ► “POP” = Premium-Only Plan  Insurance premiums only  Employee share of the pie  Example: 80%/20% arrangement ► 80% of premium from employer ► 20% from employee through the POP plan ► “Pre-tax” = not counted for purposes of calculating taxable income  Example: $30,000 salary - $3,000 pre-tax = $27,000 of taxable income  Also means no “payroll tax” (“FICA”)

What is a POP Plan? ► For different types of insurance products  Health  Dental  Vision  Accident  Life  Disability

The Plan Documents ► Two important documents  The Plan Document ► The plan’s “rulebook” ► Legalese ► Guided tour in a separate presentation  The Summary Plan Description (SPD) ► The explanation of the rules ► Plain language ► Guided tour in a separate presentation  Not optional

Enrollment Procedures ► Annual “Open Enrollment”  All eligible employees  Choice of options  Make elections ► NOTE: They are electing not just the benefit, but the salary reduction ► Mid-Year Election Changes & Enrollments

Payroll Procedures ► In-House  Make sure that person/office in charge has the correct information  Double-check the payroll runs for the first couple of pay cycles  Mistakes can be time-consuming to correct ► Outsourced  Experienced payroll services understand how salary reductions work  Make sure you provide the correct information to them

Conclusion

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