Project Plan

HR in PA

I have been charged with the task of putting together a project plan for implementation of a Section 125 Plan for our company. Can any of you recommend a good format for the project plan? Additionally, what questions to your recommend asking in our request for proposals?

ritaanz

I do not understand your post. What is it that you are trying to do?

HR in PA

1. I need to put together a request for a proposal from potential vendors. In my post, I am asking if anyone has suggested questions that would be good to include in the request for information.

2. I need to put together a formal implementation timeline, explanation of the plan, potential vendor information, etc. I am asking if anyone has done this before and if they have a suggested format to present to our board of directors.

Any help is much appreciated!

ritaanz

When our company implemented Section 125, we had our lawyer draw up the document and this included the medical and dental plans. We did not seek and proposals from vendors. Sorry I was not of much help.

HR in PA

Thank you anyway.

hrbanker

We have a Premium Only Plan (POP) at this time and will implement a Medical and Childcare Reimbursement plan in January. When we put our POP in place we didn't get proposals, just went with a provider of additional benefits that was recommended by a bankers group.
Every year since then I compare our current provider's benefits to other companies. They are all very similar in price and benefits offered.
Problems we encounter: we have a lot of turnover and the agent comes to town just two or three times a year. Make sure the agent will be available when you need him/her. Ask how they will handle offering benefits & signing up new employees between their scheduled visits. If employees want to pre-tax their health and dental coverage only and are not interested in extra benefits, will the company provide you with additional pre-tax forms? --Make sure you have employees sign that they are not interested in talking to the agent.
What kind of training/support do they give you? I complete my own Form 5500's but our insurer will complete the one for the Section 125 plan for a $100 fee. Since I have to complete them on the individual components (life, dental, health because we have more than 100 participants) and I'd have to give them all the information, it's just as easy to do them all myself.
Find out how often their premiums increased over the last 3 or 4 years. That will give you an indication of what to expect in the future.
The company you choose will have a prototype plan that you can use, but it's always a good idea to have your attorney review it.
I know this is l-o-n-g and only addressed part of your question. Hope it helps.

HR in PA

Thank you for helping. The information that you provided is a great start for me.