Diversified Administration-Administrators

Description

Plan Design – We know there is more to employee benefits than what can be seen from a single perspective. We view your company holistically, the company demographics, the needs and wants of the employees, and the vision of the company, and use that view to create the best plan for your unique situation. We understand the desires of companies to provide for their employees, and we also understand how this is becoming more costly each year. With our highly creative plan designs, you may be surprised at the savings!

Once we have collected some basic census information on your company, we can provide you with detailed Discrimination testes which will determine if the plan is complete as-is, or if it needs to be modified to be in line with IRS regulations and guidance. This annual testing is required to ensure your company is not being exposed to IRS penalties or even invalidation of your entire plan. This is important, yet overlooked by may employers. Keep your company compliant with Diversified Administration, Inc.’s benefits professionals.

The MySourceCard is like a debit card that you can use to pay for specific eligible expenses without having to come out-of-pocket at the point-of-purchase. For the most part it works like a normal debit card. It is tied to the account that your employer has established, and gives you access to those funds immediately for certain expenses. Each provider that accepts MasterCard is assigned a Merchant Category Code. Each time you use your MySourceCard, the merchant sends over a “Merchant Category Code” to the bank.

The DOL requires that each plan participant be given a Summary Plan Description, which is an important tool in communicating to your employees about the great benefits you’re offering. We provide this document along with all other plan documents in digital and hard copy format, to make it easier for you to get this vital information to the eligible employees.

Many people wonder if joining the company Cafeteria Flexible Spending Plan makes financial sense. Here we provide you with some tools to help you make that decision. A Flexible Spending Account is a great way to save taxes on expenses you already have or reasonably expect to incur within the next 12 month period. You save this money on each paycheck, and increase your take-home pay. Because of this it’s like giving yourself a raise!

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