Section 125 Cafeteria Plans

The 125 section of the Internal Revenue Service Code allows employers to set up plans in which the employees can pay for various benefits using pre-tax dollars, resulting in savings for both the employee and employer. BPS provides implementation and administration of complete Cafeteria Plans, including the plan document, administration of the premium only, medical reimbursement accounts, dependent care spending accounts, debit card discrimination testing and preparation of Form 5500 for the Department of Labor (DOL).

Dental Insurance

Comprehensive Dental Insurance plans have a high perceived value to employees. BPS has a plan to fit any budget and can help tailor a plan to fit your needs. Whether you need a managed care PPO plan with an extensive nationwide network of dentists or a flexible preventive plan, Benefit Planning Services has the experience to guide you to the right plan design to complement your benefit program.

Group Life Insurance

The premature death of an employee is devastating for the company and for fellow employees. Find out about an affordable way to make sure your employees are covered with life insurance. Benefits can be anything from a flat amount to a benefit amount tied to salary. It can be voluntary or employer paid.

Disability Insurance

If one of your loyal employees became sick or injured, you would want to help. But assisting such an employee with money for living expenses might not even be a tax deductible expense if not contained in a written policy. A better solution is to offer a flexible Disability Insurance plan to your employees. Our programs can include anything from a fully employer-paid plan to a completely voluntary employee-paid plan. In addition, we offer Overhead Expense plans, Business Continuation plans, and Key Person plans to insure against the risk of disability, custom designed for your business and your budget.

Retirement Plans

Many people mistakenly believe that the typical 401(k) plan is their only option. Benefit Planning Services has the knowledge and experience to help you decide on the right pension plan from many custom design types. We can help you navigate the course in choosing the right retirement plan to suit your needs.

Long Term Care Insurance

Long Term Care (LTC) insurance is becoming a standard part of executive retirement planning strategies. Businesses of all sizes know the competitive advantage of offering employee benefits like LTC insurance. Recent tax changes have made LTC even more advantageous by allowing premiums to be deducted as a business expense. LTC is a smart way to preserve assets and plan for the future.

COBRA Administration

BPS provides complete administration for all current and future COBRA participants including notifications, billing, and premium remittance.

Self-funding Plans

Some companies choose to self-fund all or part of their employee benefits. Common benefits that lend themselves well to self-funding include Dental Insurance, Vision Care, Co-Pays, and Deductibles. Now your organization can take advantage of the money-saving advantages of self-funding without taking on an additional administrative burden. Let BPS process and pay self-funded claims for you. We provide reconciliation and monthly and annual reports.

Business Continuation & Executive Benefits

We specialize in Business Continuation Planning, including Buy/Sell Agreements funded with life insurance and Key Person Insurance. Benefit Planning Services also offers supplementary plans such as Section 162 Executive Bonus plans, Split Dollar plans, and informally funded Deferred Compensation plans.

Employee Benefit Statements

As part of our service, we prepare customized employee total compensation statements, branded with your company name and logo. The statements outline the compensation and benefits provided by the employer and the cost of these benefits. The statements are provided in sufficient quantity for distribution to all employees.