In addition, funds reimbursed to an employee from his or her flex account are tax-exempt. Employers benefit from FICA savings, and possibly from other employer tax savings, because of the reduction in employees' taxable income. The resulting FICA savings typically permit the employer to pay a third-party administrator and still net a substantial savings. Third party administrators do the busy work related to flexible spending plans, such as enrolling employees, processing payments and record keeping. Training for trustees is offered.
Sample documents are available for use as actual policy or as guidelines.
Referrals will be made for professionals and for administrative services. The most significant benefit usually received from a fiduciary liability policy is the payment of legal defense costs. In today's litigious society, fiduciary insurance is a necessary component for any benefit fund. It provides protection for trustees carrying out their fiduciary responsibilities. If you are requesting a brochure or application, please include your full name and mailing address.