At Soteria our Benefits administration services focus on ensuring clients address the health and safety of employees as well as your business. Soteria HR’s benefits administration services specialize in keeping an organization in compliance and competitive.
We help our clients implement a successful employee benefits strategy, ensuring your benefits meet the goals of the organization while maximize your recruiting and retaining efforts.
Employee benefits can include many different types of insurance as well as, vacation time, sick time, and retirement accounts. Moreover, benefits administration services track the usage and availability of benefits, for both the employer and the employees, ensuring compliance with governmental regulations.
From ACA Compliance and the SPD Wrap to COBRA Compliance and the Section 125 Plan, Soteria HR replaces your insurance requirements with proactive solutions that work.
The goal is delivering benefits administration services that reduce company costs while making an organization’s employees satisfied with positive outcomes.
Detailing Benefits Administration Services Offered
Employee Healthcare Management
The goal of employee healthcare management is to optimize benefits administration for a company’s specific employee’s insurance is complicated and mistakes are costly. We’ll help your personnel stay focused on work while managing claims for them. Knowing the details of an organization and potential issues raised by specific employees, both present and future healthcare difficulties can be averted.
Benefits Enrollments & Terminations
With the introduction of the Affordable Care Act (ACA), benefits administration is more important than ever before. Employee benefit enrollments and timely terminations are crucial. Effective benefits administration services prevent a company from falling out of ACA compliance while keeping employees safe and secure.
Affordable Care Act Compliance
Beyond benefits enrollments and terminations, Affordable Care Act (ACA) compliance includes a lot of paperwork. For example, since the Internal Revenue Service enforces ACA compliance, IRS Forms 1094-C and 1095-C must be filed correctly. Given the potential penalties involved, ACA compliance is a necessity.
COBRA Compliance & Administration
With the passage of the Consolidated Omnibus Budget Reconciliation Act (COBRA) in 1985, terminated employees or family members who lose coverage can sometimes continue under a company’s group health plan for limited periods. With seven different “qualifying events” that trigger COBRA, compliance is essential.
Section 125 Plan
Known as a Cafeteria Plan and a part of the IRS code, a Section 125 Plan allows employees to take taxable benefits, such as a cash salary, and convert them, into nontaxable benefits. Such benefits may be deducted from gross income before taxes are paid. The goal is to shift the amount being paid to reduce taxable income.
IRS Form 5500 Filing
The IRS form 5500-series returns for employee benefit plans were developed to satisfy annual reporting requirements under ERISA and the Internal Revenue Code. Given the challenge of correctly filling out the 5500-series, HR consulting and benefits administration services help further the process while avoiding compliance issues.
SPD Wrap
The SPD Wrap is a requirement of the ERISA law that is overseen by the Department of Labor. The SPD (Summary Plan Description) is a reader-friendly document that lays out an organization’s benefit plan for the participants showing them how it operates. By wrapping around and thus presenting a company’s benefits plan in detail, the SPD Wrap simplifies benefits administration services for employees.
