At King and Companies, we work with Third Party Administrators (TPA's), so that your insurance plans are compliant for both state and federal laws.

Whether you want to have your employees premiums pre-taxed, establish a flexible spending account, reimburse medical expenses, outsource state and federal continuation laws (COBRA) or maintain compliance with ERISA, a complianced product will be purchased through a TPA.

Section 125, Cafeteria Plans and Premium Only Plans (POP):  Plans that allow certain qualified expenses to be withdrawn from your employees paycheck on a pre-tax basis, allowing both the employee and employer to save on their payroll taxes.

Flexible Spending Accounts (FSA) - Funds set aside in Flexible Spending Accounts (FSAs) are not subject to federal, state, or Social Security taxes. On average, employees save from $.25 to $.49 for EVERY dollar they contribute to the FSA.

• Medical
• Daycare
• Parking and much more

Health Savings Accounts (HSA): Want to lower your insurance premiums? Institute a Health Savings Account Program which has NO “user it or lose it ” provision. Employers are not required to fund these accounts.

Health Reimbursement Arrangements (HRA): A mixture of self insuring with a blind high deductible plan insurance plan. Results may have a lower rate impact for those employers with reasonable utilization experience.

COBRA/State Continuation is a federal and overlapping state level laws on the administration of benefits for past plan participants. Compliance is key on this, whether internally, through a TPA, or HR Consultant.

ERISA (Employee Retirement Income Security Act) is a federal law that regulates group sponsored benefits (also called welfare benefit plans). Besides requiring the provision of specific Plan features and funding information, the law mandates that employers submit detailed reports to the government.

Employers face strict deadlines for disclosing Plan information to all eligible employees. And all Plan Sponsors and Plan Administrators with ERISA plans must follow a strict fiduciary code of conduct.

You may be at risk and not even know it! Failure to comply with ERISA requirements can be extremely costly. Consequences for non-compliance may include government penalties, even employee lawsuits.