Retirement Plan Administration (Read More)
A Retirement Plan is an integral part of an employer’s employee benefit offering. Because of the tax advantages, most retirement plans are designed to ensure a present deduction to the employer while the employee is permitted to defer taxation of the income until retirement. McGregor & Associates, Inc. specializes in 401(k) Plans, Profit Sharing Plans, ESOPs, Safe Harbor and Cross Tested plan designs. Our services include plan design and consulting, recordkeeping, and compliance services for both daily valued and balance forward plans.
Generally, employers with more than 20 employees must comply with COBRA and offer certain former employees, retirees, spouses and dependent children the right to temporary continuation of health coverage at group rates. McGregor & Associates, Inc. provides comprehensive administration services ensuring compliance with the complicated COBRA rules and regulations allowing employers to concentrate on their core business. Our services include notification services, premium collection and maintaining records of all federally mandated documentation.
Cafeteria Plans (Flexible Spending Accounts) (Read More)
Cafeteria Plans allow insurance premiums to be deducted from employees’ salary PRE-TAX, decreasing federal, state and FICA income taxes and increasing spendable income. The plan also DECREASES the employer’s FICA and payroll tax obligations. Flexible Spending Accounts (FSA) can also be included as a benefit option allowing employees to pay for out-of-pocket medical and/or childcare expenses with TAX FREE dollars. McGregor & Associates, Inc. offers services including plan design and consulting, plan implementation, claims adjudication, daily payment processing, and online web access for both the employer and employee.
Health Reimbursement Arrangements (HRA) (Read More)
Health Reimbursement Arrangements are a great incentive for employees to become cost-conscious healthcare consumers. HRAs allow both the employer and the employee to spend less on health insurance and SAVE on premium dollars! HRAs are flexible and can be designed to meet specific employer and employee needs. McGregor & Associates, Inc. offers services including plan design and consulting, plan implementation, claims adjudication, daily payment processing, and online web access for both the employer and employee.
Health Savings Accounts (HSA) (Read More)
Health Savings Accounts are the newest benefit option in the Consumer Driven Health Care (CDHC) revolution aimed at reducing the cost of healthcare. HSAs allow employees who are covered under a qualified High Deductible Health Plan (HDHP) to benefit from TAX-FREE contributions, distributions and earnings to pay for out-of-pocket medical expenses. Unlike FSAs, these accounts are not subject to the “use-it-or-lose-it” rule and unused funds rollover from year to year. Account holders are able to save for current and future healthcare costs. HSAs serve as a supplemental retirement investment fund from which withdrawals can be made without penalty and taxes as long as they are used for eligible medical expenses. McGregor & Associates, Inc. provides a full range of administration services including a claims vault to electronically store receipts, employer and employee consulting, voluntary expense certification, and tax reporting.
Transportation Fringe Benefit Plans
Transportation Fringe Benefit Plans allow employees to use TAX-FREE dollars to pay for qualified parking, mass transit and van pooling expenses. Employers also benefit from reduced FICA and payroll obligations. McGregor & Associates, Inc. offers services including plan design and consulting, plan implementation, claims adjudication, daily payment processing, and online web access for both the employer and employee.
Retiree Billing
Many employers offer employees the ability to continue health coverage under their group medical plan upon retirement. McGregor & Associates, Inc. provides services aimed at streamlining the administration functions associated with retiree billing and collection services resulting in lower costs for the employer and improved services to retirees. Our services include billing and collection of premiums from retirees, past due notices, notification of rate and/or benefit changes and monthly employer reporting.
ERISA Compliance
ERISA is a federal law that regulates retirement and welfare benefit plans, Employers who establish these plans must meet certain requirements under ERISA. Many employers do not fully understand the obligations and are at risk for costly government penalties and potential employee lawsuits. McGregor & Associates, Inc. provides services assisting employers in meeting their responsibilities under ERISA. Our services include bundling separate benefits into a single ERISA Plan through a wrap document , preparation of the Summary Plan Description (SPD), Form 5500 preparation and electronic filing, and preparation of other required disclosures.
