Presented By
Integrated Benefit Services, Inc.

 

The ABC
Organization
Anywhere, USA

 

Section 125
Flexible Benefit
Preliminary Review
June 2004

 

Integrated Benefits Services, Inc.
93 Case Street, Canton, Connecticut 06019
Tel. (860) 693-6725 - Toll Free (888) 909-IBSI (4274)
Fax (860) 693-9475
 


Total Health Care Eligible Employees = 443

Total Life & AD&D Eligible Employees = 235

Total Male = 54 (12%) / Total Female = 289 (88%)

CURRENT BENEFITS

MD Health Plan
HMO Plan - 271 Employees (98%)
Point-of-Service Plan - 6 Employees (2%)

BC/BS Dental - 263 Employees

EMPLOYEE CONTRIBUTIONS

.....

MEDICAL

DENTAL

TOTAL
ABC Management (HMO)

$30,192.24

- 0 -

$30,192.24
ABC Management
(POS)

$ 7,442.76

- 0 -

$ 7,442.76
ABC
1st Location

$113,291.36

$19,983.05

$133,274.41
2nd Location

$89,925.68

$ 9,357.40

$99,283.06
3rd Location

$46,079.28

$ 5,307.12

$51,386.40
TOTAL EMPLOYEE CONTRIBUTIONS = $321,578.87

BC/BS Dental Plan Design
(Comprehensive Format)
Preventive 100% No Deductible
Basic/Major 80% with $50/$150 Deductible
$1000 Plan-Year Maximum
No Orthodontics

Group Term Life Insurance
1-times Salary (no maximum & non-contributory)

Short Term Disability
Self-Funded with Formula
50% Accrued Sick Time
50% Employer

Sick Time
Accrues up to 520 hours Maximum

Long Term Disability
Exempt Salaried Employees Only
Non Contributory

No Supplementary Term Life Insurance

PREMIUM CONVERSIONS

  
Employee Health/Dental Pre-Tax Contributions

$321,579

MEDICAL REIMBURSEMENT PRE-TAX

  
Single:  310 x 10% x $200.00 =

$  6,200
2-Person:  53 x 10% x $300.00 =

$  1,590
Full Family:  80 x 15% x $400.00 =

$  4,800
Total Pre-Tax =

$ 12,590

DEPENDENT CARE REIMBURSEMENT PRE-TAX

  
443 x 10% x $2,000 =

$ 88,600
TOTAL PRE-TAX CONTRIBUTIONS

$422,769

PREMIUM
CONVERSION ONLY

FLEXIBLE SAVINGS
ACCOUNTS ONLY
Total Pre-Tax Contributions    $321,597 Total Pre-Tax                               $101,190
FICA Rate                                        x .0765 FICA Rate                                         x .0765
Total FICA Savings                      $ 24,600 Total FICA Savings                        $  7,741
TOTAL COMBINED FICA SAVINGS:  $24, 600 + $7,741 = $32,341

Filing & Set-up Fee (Annual)

$ 1,250
Monthly Administration Fee  
12 Months @ $350 =

$ 4,200
TOTAL ANNUAL FEE

$ 5,450

Total FICA Savings

$32,341
Program Costs

$ 5,450
NET FICA SAVINGS

$26,891

 

FILING SERVICES:
Produce Custom Plan Document
Conduct All IRS Required Discrimination Tests
Generate Plan Year-End 5500 Reports

INSTALLATION SERVICES:
Generate Individual Employee Salary Conversion
    Agreements
Generate Individual Employee BeneFlex Worksheets
Generate Individual Employee BeneFlex Proposals
Provide BeneFlex Descriptive Brochures
Coordinate and Conduct Employee Group Meetings
Coordinate and Conduct Individual Employee Counseling
    Sessions
Coordinate Plan Adoption with Payroll Vendor
Design All Employee Notices
Generate Initial Payroll Report

ADMINISTRATION SERVICES:
Generate Monthly BeneFlex Invoice
Administer All Reimbursement Procedures
Provide Employer Monthly Check Register
Generate Employee Reimbursement Check
Produce Employee Quarterly Transaction History
Produce Employer Quarterly Transaction History
Provide Toll-Free Number Employee Service Center

If you are serious about finding solutions,
please contact us at:

Integrated Benefits Services, Inc.
93 Case Street, Canton, Connecticut 06019
Tel. (860) 693-6725 - Toll Free (888) 909-IBSI (4274)
Fax (860) 693-9475
 

If you have any questions or need further information on any of our services, please fill-out our Information Request Form or E-mail us at services@ibsbeneflex.com