Flexible Spending Accounts

Flexible Spending Accounts (FSA) Administration

Flexible Spending accounts are designed to allow employees to set aside money, on a pre-taxed basis in order to pay for their out of pocket medical, dental, vision, or dependent care expenses. This account is normally funded by the employee only but the plan does allow for employer contributions. This account is similar to an HSA or HRA, the main differences with this type of account are that it is not portable and all funds must be used by the end of the plan year or the contributed money is forfeited back to the employer. Administration of these plans will be very similar to both HSA and HRA accounts. Administration of a Flexible Spending Account includes:

• Plan Document Preparation / Amendment for filing with Department Of Labor
• Corporate Resolution Adopting / Amending Plan
• Discrimination Testing (both initial and interim year)
• Custom Forms
• Computer Setup, Eligibility Entry
• Flexible Spending Claims Payment
• Recordkeeping and Reporting
• Signature-Ready Form 5500 Preparation, if needed
• Accounting Functions as Required by the Plan
• Continued Administrative Support for Employer and Employees
• 24 Hour Account Info Access via the internet