Terms Flashcards
ERISA
Employee Retirement Income Security Act protects workers’ retirement assets and ensures the plan fiduciaries do not misuse plan assets
Form 5500
Used to report information on the qualification of the ERISA plan, its financial conditions, investments and the operations of the plan
5500Xpress
Product used to expedite data collection through needs based questions to comply with DOL regulations. Tool generates a summary annual report.
SPD
Summary Plan Description
SAR
Summary Annual Report
Cafeteria Plan
Written plan managed by the employer that outlines the rules in which employees can make tax free contributions to business accounts like HSAs. But to comply, businesses are subject to non discrimination testing. If they do not comply, the entire plan could be disqualified.
ERISA wrap SPD Documents
Plan document fills the gaps that the rest of the documentation might not specify
Mental Health Parity
Requires that group health plans ensure the financial requirements and treatment limitations on mental health or substance use disorder benefits are no more restrictive than those on medical or surgical benefits.
NDX
Product that manages the non discriminatory testing. Key employees must stay within a specified window of contribution so that they do not disproportionally benefit.
Consolidated Appropriations Act
Established protections for consumer related to surprise billing in healthcare.
Pharmacy Benefit Managers
Third party companies that manage prescription drug benefits for various clients.
RxDC
Reports reflect statistics about the plan’s prescription drug usage and medical claims date
RxDC
Reports reflect statistics about the plan’s prescription drug usage and medical claims date
Form 1095
A collection of forms used to administer the employer shared responsibility provision and to determine the employees’ premium tax credibility.
ACA Reporting Product
Software and services to prepare the federally mandated 1094/1095 forms for your employees and efile with the IRS. This includes variable-hour tracking for full time equivalency and benefits eligibility.
Compliance RX
Simple diagnostic tool that identifies compliance gaps. Easy Q+A workflow produces a diagnostic dashboard. Provides a path to address issues so that they don’t become problems.
