ComplianceAll The Tools You
Need To Succeed
Corporate employee benefit compliance is time consuming and tedious. The resources necessary to remain compliant and avoid costly penalties are prohibitive for the majority of employers. With laws and regulations constantly in flux, it’s tough for organizations to keep the necessary resources they need in-house to manage corporate compliance. UpSwing provides a turn-key solution to this minutiae so you can focus on the big picture in your path to success.
Our Suite of Services
ACA Reporting
The Affordable Care Act (ACA) requires businesses with a minimum of 50 full-time employees to report to the IRS all information related to health coverage offered over the course of a calendar year.
UpSwing Administration Includes:
- Assignment and Identification of Series 1 and Series 2 Codes
- Assistance with Determining Affordability Safe Harbors and Calculating Cost of Coverage
- Submissions of 1094 and 1095C Forms through ACA Air System
- Document Archive
- Mail Delivery to Employees *(postage fees apply)
- Section III Completion for Self Funded Plans (as applicable)
5500 Filing
Employers with more than 100 participants are required to file a Form 5500 Annual return with the Federal Government. The Form 5500 reports information about the plan, its finances, and its operation. The form is filed and processed under EFAST2.
UpSwing Management Includes:
- Preparation and Submission of 5500
- Preparation of Schedule A’s
- Preparation of Schedule C’s (as applicable)
- Document Archive
Section 125
Plan Documents
Employers who sponsor benefits on a pre-tax basis are required to maintain a written policy provided to employees.
UpSwing Administration Includes:
- Preparation of Plan Document
- Preparation of Summary Plan Description
- Non-Discrimination Assessment
- Dissemination Guidance
- Highly Compensated Employees
- Annual Alteration
- Document Archive
ERISA Plan
Documents
ERISA requires employers to disclose to employees details of the rights and privileges extended to them within a health and welfare benefit plan. These disclosures contain model notices, plan contracts, plan fiduciary and sponsor information, Cobra, FMLA and MLR strategy. The Employee Benefits Security Administration requires the document to be delivered within a specific timeline and acceptable method.
UpSwing Management Includes:
- Preparation of WRAP Plan Document
- Preparation of Summary Plan Description
- Dissemination Guidance
- Annual Alteration
- Document Archive
Non-Discrimination
Testing
Self-funded plans, HRA, FSA benefits must pass key concentration, eligibility & benefits, etc. tests on an annual basis to ensure their structure does not unfairly favor highly compensated individuals, key employees or owners.
UpSwing Management Includes:
- Testing of Section 125 to Determine Compliance with IRS Regulations
- Testing of Section 105 Plans to Determine Compliance with IRS/DOL
- Exact Calculations that Provide Evidence of Plan Compliance with IRS/DOL Regulations
- Summary Report which Includes Guidance to Bring Plan into Compliance if it is Determined to be Discriminatory
Letter 226J Resolution
Letter 226J is a letter distributed to Applicable Large Employers (ALEs)
to notify them that they may be liable for an Employer Shared Responsibility Payment (ESRP).
to notify them that they may be liable for an Employer Shared Responsibility Payment (ESRP).
UpSwing Administration Includes:
- Interaction with IRS to Resolve ESRP Demand Letter
- Preparation and Submission of Form 14764
- Preparation and Submission of form 14765 on Behalf of Client to Correct Codes
- Preparation and Certified Submission of Response Letter
PCORI
Administration
Patient-Centered Outcome Research Institute – established underneath the Affordable Care Act to explore data to improve administration, treatment, and outcomes of patient care.
Underneath PCORI, carriers & employers that sponsor self-insured plans (including FSA and HRAs) are responsible for satisfying an annual tax to cover costs associated with the program.
Underneath PCORI, carriers & employers that sponsor self-insured plans (including FSA and HRAs) are responsible for satisfying an annual tax to cover costs associated with the program.
Our Services:
- Assistance with the calculation of annual responsibility
- Preparation of IRS Form 720 for distribution to IRS in the second quarter of filing year
