FSA (Flexible Spending Accounts) - is one of a number of tax-advantaged financial accounts that can be set up through a cafeteria plan of an employer. It allows an employee to set aside a portion of his or her earnings to pay for qualified expenses as established in the cafeteria plan, most commonly for medical expenses but often for dependent care or other expenses.
EAP (Employee Assistance Programs) – an employee benefit program offered by many employers typically in conjunction with a health insurance plan. EAP’s are intended to help employees deal with personal problems that may adversely impact their work performance, health, and well-being. EAP’s generally include assessment, short-term counseling and referral services for employees and their household members. EAP Carrier Partners
401(k) – a type of retirement savings account. Employer contributions with a 401(k) can vary but in general it has the effect of shifting the burden for retirement savings to workers themselves. Employers can help their employees save for retirement while reducing taxable income under this provision, and workers can choose to deposit part of their earnings into a 401(k) account and not pay income tax on it until the money is later withdrawn in retirement. Interest earned on money in a 401(k) account is never taxed before funds are withdrawn. Employers may choose to match contributions that workers make and the accounts are typically administered by the employer. The employee may select from different kinds of investment options. Employees choose where their savings will be invested, usually, between a selection of mutual funds that emphasize stocks, bonds, money market investments, or some mix of the above.
401(k) Carrier PartnersSection 125 Administration- also known as a cafeteria plan. It is a type of employee benefit plan offered pursuant to Section 125 of the Internal Revenue Code. Section 125 plans are primarily for the tax savings advantages for the employer and employee. Both parties save on taxes and therefore increase their spendable income. Employees' pretax contributions are not subject to federal, state, or social security taxes. Employers save on the employer portion of FICA, FUTA, and workers' compensation insurance premiums. A cafeteria plan may permit an employee to revoke an election during a period of coverage and to make a new election only in limited circumstances, such as a change in status event. A change in status event includes changes in the number of an employee's dependents.
POP (Premium only Plan) - a type of plan that allows employers to deduct premiums for specific types of insurance coverage from an employee’s payroll pre-tax.
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