Boon-Chapman is happy to announce methods that can assist you with the administration of your Cafeteria Plan. Below are services Boon-Chapman can perform for your Cafeteria Plan with a brief explanation of these services.

Discrimination Testing

A projected discrimination test can be performed at the beginning of each plan year. This tool will assist in insuring that the plan is not discriminatory and avoid adverse tax consequences. To perform this test census information on your employees would be needed along with information so we can identify the key and highly compensated employees.

Premium Administration

Boon-Chapman can assist with the administration of the premium funds sheltered through your plan. With this service, we would monitor eligibility requirements and verify that changes made are in compliance with regulations governing the administration of the plan. The employer, as the plan administrator, would need to advise us of changes made by completing a change of status form.

Document Amendments

We can prepare document amendments and Summary Plan Modifications for the plan on your behalf. This enables us to ensure that the administration of the plan is done in accordance with the documents prepared.

Form 5500 Filing

This service involves the completion of the form 5500 Filing that is due to IRS seven months after the plan year-end. We will assist with the completion of this form and the Schedule A that is required. Since you are the plan administrator, these completed forms would be forwarded to you for your signature and filing. Boon-Chapman would assist on any IRS inquiries related to these filings.

Contribution Reporting Interface

Contributions per pay period can be reported to us via an ACHII fixed length file that can be sent to us by email. This allows processing of contributions in a more efficient manner. Again any changes would need to be reported per a change of status form. Any discrepancies would be addressed with the assistance of the plan administrator.

I-Flex Internet Access

Employees can access (and print) their account information 24 hours per day, seven days a week. They can find their balances, their claim history, and their reimbursement history.

Should you be interested in these services or need any additional information or clarification, please contact us.