Below are several items you will want to have noted somewhere for internal purposes. Here is where you might find them internally:
1. What is your corporate structure, EIN, and date of inception?
a. Someone in accounting or senior leadership, old tax documents, or old insurance or 401k applications may have this data.
b. You may want to keep a document that includes this and other important but rarely used information close at hand.
c. If you’ve had a merger or corporate structure change, you’ll want to make sure you’re using the current information on all documents, and there may be a bit of clean-up over time.
2. What to do if your corporate structure isn’t listed on an application or form?
a. Write it in by the question and then note it in the cover letter or email you send the document with.
b. Reach out to the vendor (or your broker) if the above isn’t an option and ask them where they want it or what information they want instead.
3. How many ERISA 500 plans do you have?
a. These are numbered sequentially and may include your 401k plan, wrap documents, section 125 (POP), pension, HRA, and more.
i. Your 401k plan may have a ‘500’ number that doesn’t begin with ‘5’ such as ‘001’ or ‘002’. This is acceptable.
b. Plan numbers can’t be reused even if a plan has ended, so you may need to comb through your plan documents.
i. A note: if you have a corporate structure change (new EIN) or merger, plan numbers are tied to the new business, not to any now-defunct businesses.
c. Any 5500 filings you have completed list plan numbers, so your accounting or tax team may be able to help as well. (Not all plans need to file 5500s.)
d. We recommend creating a document with which plan is assigned to each number so that you don’t repeat. Be sure to include any old plan numbers and mark them as inactive but don’t reuse them.
e. If you have inadvertently used a plan number more than once, we recommend reaching out to your tax or ERISA attorney. There may be an easy fix.
4. Where is your plan information stored internally?
a. Ask senior leadership if you aren’t sure.
b. If you can store data electronically, we recommend that you do so.
c. Keep in mind that many plan documents should be stored for 7 years after the plan (or coverage) ends, so you may want an archive file.
d. If you are missing anything on plans we administer, please reach out and we’ll get it to you.
e. Once you know where plan information is stored and have it filed, make sure someone else on your team also knows where to find it and who to reach out to for updated documents.
i.CUIS will proactively reach out to you if we receive any updated plan documents relating to your plans through us.
5. What is your payroll deduction schedule?
a. This impacts how the formulas for premium deductions are calculated and spread out, as well as when to start deductions for a new hire and stop deductions for terminations.
b. How often? – usually this is tied to payroll frequency (weekly, biweekly)
c. Spread – are calculations done on a monthly or annualized basis?
i. Your accounting team may know how this is done if you aren’t sure since they’ll use this information in your financials.
d. What do you do for months with an ‘extra’ payroll (5 weeks or 3 biweekly)?
e. Do you take premiums for the current or upcoming month?
i. You may be able to determine this by looking at your payroll system OR by looking at when deduction changes were made for the last benefits renewal.
6. How much do you contribute towards various plan premiums?
a. This is probably discussed during budgeting each year, so reach out to someone who was involved in those discussions.
b. Your accounting team may know for budgeting purposes as well.
c. Check your employee deduction worksheets to see if the information is listed there for employees’ knowledge.
Here’s Where We Can Help Our Clients:
1. Education for ‘new’ HR personnel – new to CUIS, new to the employer, or new to HR. We would like to schedule an initial education session with recurring follow-ups at a time that works best for you and our team. These cover benefits through us, benefits compliance, legally required documentation, and more.
2. New hire benefits education.
3. Renewal meetings with leadership to determine the best plans to meet your company’s needs for the coming year. We can help you get creative to care for your employees and your company finances.
4. Renewal education for employees.
5. Webinars on benefits-relevant topics – we’ve covered total compensation statements, Medicare education for employees (recurring) and employers, Maine PFML, and more in the past.
6. Mediate claims and billing issues.