A Premium Only Plan (POP) involves one simple payroll change that saves taxes for you and your employees, but it must be referenced in your plan documents in order to be compliant. POP language can be included in your FSA/DCA cafeteria plan documents as part of our regular service, upon request. For groups that do not have an FSA/DCA cafeteria plan, Choice Strategies is pleased to offer EZPOP - a compliant and cost-effective WageWorks solution for Premium Only Plan (POP) administration. For a flat, annual fee, employers receive a signature-ready, customized Premium Only Plan Kit and access to a dedicated POP Compliance support team.
The EZPOP brochure and application can be found here, or for more information, please visit ezpop.com
a Premium Only Plan (POP):
- Salary reduction plan that allows employees to pay for eligible group insurance premiums on a pre-tax basis
- Simple payroll change that results in tax savings for both employers and employees
- Employer saves about 8% (FICA payroll tax match) on every dollar the employee contributes pre-tax
- Employees see an average of $25 to $40 in tax savings for each $100 they deduct through payroll
The EZPOP program includes Annual Compliance Services:
- Re-enrollment materials and signature-ready Plan documents, forms, and procedures
- The latest documentation required for keeping the Plan in compliance with IRS Regulation changes
- Free assistance with POP non-discrimination testing (upon request).
- Quarterly newsletter with compliance tips and reminders
- Continued access to our Premium Only Plan Compliance Support Unit