Section 125
With Power125® from CompuPay, choose one or more options: a premium-only plan (POP) or a flexible spending account (FSA). Either can provide your employees with an enhanced employee benefits plan. We make both approaches easy to manage, and both can provide substantial tax savings to your company.
Power125® is a way for your employees to:
- Set money aside on a pretax basis for health and other employer-sponsored insurance premiums.
- Save money by paying for medical or dependent care expenses on a pretax basis, while experiencing the convenience of direct deposit reimbursement and receipt of funds on a weekly basis. Funds can also be disbursed via check or through the convenience of a debit card.
- By providing this attractive service to your employees, you reduce payroll expenses. This means a FICA tax savings of 7.65% on every participating employee’s contribution. As taxable salaries decrease, so do your benefits costs. As you would expect, CompuPay handles all aspects of the plan from development to implementation to maintenance.
If you would like more information, simply complete and submit our contact us form and a CompuPay representative will contact you shortly.
Health Reimbursement Arrangement (HRA)
An HRA is an employer funded arrangement that reimburses employees for out of pocket medical expenses. HRAs resemble section 125 flexible spending arrangements (FSAs) in the following features:
- Plan document required
- Welfare benefit plan under ERISA
- Claims must be submitted & adjudicated
- No contribution limit
- Not required to be covered by a high deductible health plan
For more information about CompuPay’s health reimbursement arrangement plan contact Candy Donegan at (615) 236-7125 or .(JavaScript must be enabled to view this email address).
Section 132 Transportation Plans
With a section 132 Transportation Plan, employees can set aside money pretax to pay for qualified transportation expenses such as transit passes, subway fees, parking and vanpooling.