The ABC Insurance Trust now offers Cafeteria Plan Administration services, or Flexible Compensation Plans through Total Administrative Services Corporation (TASC) at a special 20% first-year discount for ABC Members!
FlexSystem, an IRS Code Section 125 Cafeteria Plan, enables employers to offer employee benefits on a pretax basis. With FlexSystem, employers use these services to handle administration and operation of the plan.
FlexSystem saves both employer and employee money! The employer saves payroll tax, and because their eligible expenses are purchased with pre-tax money, employees save on their State, Federal and FICA taxes. The most common expenses include medical or health-related insurance premiums, eligible medical expenses, and dependent care expenses.
Participating businesses typically save an average of $300 per employee per year in payroll taxes.
You can create a more comprehensive benefits package by using a flexible spending account program. You will reduce payroll costs and enhance your ability to recruit and retain quality employees.