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How to Setup a Flexible Spending Account in Your Organization

Flexible Spending Accounts are one of the few benefit plans that can be a win-win situation for both employers and employees - more take home pay for employees and reduced payroll taxes for employers. PowerFlex Software lets you bring flexible spending accounts to your employees with no monthly fees, no Third Party Administration setup fees and, in most cases, no annual paperwork. Our clients typically see a 100% return on investment in under 6 months! Click here to view your potential Return On Investment.

The two largest obstacles that organizations have in administering their own plans are:
  1. Not knowing how to set up a functioning, legal plan for their company
  2. The time and expense involved in proper record keeping.
The information provided below will solve both of these problems for you.

To Setup a Flexible Spending Account You Need:
  1. Legal Documents

  2. You will need a Plan Document and a Summary Plan Description.

    A Plan Document is the legal document that defines the employer, eligibility requirements, the reimbursement procedures/process, A Summary Plan Description (SPD) is the legal document that summarizes the Plan Document in easily understood terms. This is provided to participants.

    We provide both of these documents at a fraction of the cost of most TPAs.

    View Plan Document Pricing
  1. Participant Enrollment and Participation
  2. Employees elect to participate in the FSA plan by defining how much they wish to have withheld from their salary. During the plan year employees submit claims for qualifying expenses which are tracked and reimbursed to the employee.

    Download a sample election form.
    Download a sample claim form.
    Download an FSA withholding estimator.

  3. PowerFlex Software

  4. Keeping track of a flexible spending account plan's records manually could become extremely time consuming and cumbersome. PowerFlex Software will allow you to immediately take advantage of the tax savings provided by a cafeteria plan and will easily keep track of each individual employee's contributions, withdrawals, and account balances. It will also print qualified expense reimbursement checks. Let PowerFlex Software automatically calculate and take advantage of the dependent care reimbursement limitation option. Password protection assures your sensitive plan data is kept safe.
Download a Free Evaluation Copy of PowerFlex Software!

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