Compliance Services

LBS can prepare summary plan descriptions (SPDs) and plan documents, as well as summary of material modifications and plan document amendments for medical plans, dental plans and vision plans; cafeteria plans that include pretax premium plans as well as plans that include dependent care and health care Flexible Saving Accounts (FSAs); and health reimbursement arrangements.

We also will keep you informed on regulations that federal agencies such as the IRS, Department of Labor and Department of Health and Human Services issue that affect your plans and alert you to when your documents need to be amended.

We will also track your Department of Labor five-year SPD requirement and let you know when a new SPD is required.

Nondiscrimination Testing
Our nondiscrimination testing website includes the IRS required tests, along with detailed instructions and definitions of many terms to assist you. Testing is performed instantaneously after data submission. You have access to reports showing your results which you can also print for your records.

Form 5500 and Schedules Preparation
In addition to all Employee Retirement Income Security Act (ERISA) welfare benefits, health care FSAs under a cafeteria plan are subject to the Form 5500 requirement for any plan with 100 or more participants at the beginning of the plan year. Effective for reporting on plan years beginning on or after Jan. 1, 2009, all Form 5500s must be filed electronically. We can prepare the required forms for all of your welfare benefits and send them to you with instructions on how to file your forms electronically.

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