Section 125 of the Internal Revenue Code (the Code) requires that Premium Only or Cafeteria plan documents be updated every five years. This means drafting a new document and giving a copy to every employee eligible for the plan.
Section 125 plan documents also need to be restated whenever there is a change in your plan or in the law governing the plan.
Now is the perfect time for employers to check on whether they need a 2019 Section 125 Plan Document update. Read on to learn how to find out if your plan document needs a review for the coming year.
Still using a 2014 model? - A lot of plan documents were updated in the wake of the Patient Protection and Affordable Care Act (ACA) becoming law (most provisions were in effect by 2014). That means many employers will need a 2019 Section 125 Plan Document review.
The 2-year update - Because changes in tax law can be fast and furious, many employers update their plan documents every other year just to be sure their plan is always current and compliant.
Changes to your plan -Sometimes a Section 125 Plan Document is updated every year. That’s because, whenever there is a change to a Section 125 Plan, the Plan Document has to be revised to reflect those changes.
Not sure? - If you’re not sure whether or not you need a 2019 Section 125 Plan Document review — or worse yet, if you can’t find your Section 125 Plan Document to check it — we can help.
2019 Section 125 Plan Document Update — just $79When you know it’s time to update your Section 125 Plan Document, you’ll want to get it from the most knowledgeable people in the industry and for the best value.
Our basic Section 125 Premium Only Plan (POP) Document Package provides everything an employer needs to update or establish a Section 125 Plan for only $79 (electronic delivery only).
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