A well-designed employer sponsored retirement plan provides a realistic way for employees to save money on an automatic and disciplined basis. Individuals can and do accumulate significant amounts of money under these programs. Niche Financial Services provides comprehensive retirement plan consulting. If your company meets our client profile parameters, for a single reasonable fee or hourly rate we will review all the components of your retirement plan. Some of the areas we have seen issues in the past include: investment options which may just need adjustment, overly administratively burdensome plans, high fees, commissions, and expense or concerns over level of expertise or attentiveness with current vendors or providers.
Please don’t hesitate to give us a call. We can have a no cost no obligation conversation regarding your current 401(k) program. We could be able to provide an overall review of your current 401(k) program.
Niche Financial Services will provide comprehensive consulting to individuals and businesses which fit the parameters of our new client profile. Statistical analysis of an existing portfolio performance, risk, expenses, overall retirement goal planning, insurance, estate, or overall business planning are some of the area which could be addressed.
A Cafeteria Plan is a welfare benefit plan specifically authorized by Section 125 of the Internal Revenue Code. It is a way of providing employees with valuable benefits where both the employer and employees save significant amount on taxes. Generally, employees are given a choice to redirect part of their salary. Each employee then uses the redirected part of their salary to purchase benefits from a menu of non-taxable benefits offered by the plan. The redirected amounts are placed into a separate spending account for each benefit elected by the employee. Then as each employee sustains a qualifying expense they submit a claim to the plan administrator. The plan administrator processes the claim and reimburses the employee from the money in the cafeteria plan.
The employer can make further contributions to the plan in addition to an employees own salary re directions, which employees may also use to purchase allowable benefits. Since cafeteria plans allow employees to choose the benefits they want, they are often referred to as flexible spending or flexible benefit plans.
Often one of the most well received benefits an employer provides may be provided at no cost to the them. Ancillary benefits such as dental, life, disability, cafeteria plans, COBRA benefits, accident insurance, and medical gap plans are all programs which could be very well received by employees. Sometimes these programs may be offered with an existing health or overall benefit program to lower the overall cost and exposure to both the employer and employees. Employees can pay some, most, or all the costs and end up with a more comprehensive employee benefit program!
Dental Insurance is typically offered as a benefit through a sponsoring employer. Although it is possible to attain dental insurance as an individual, this type of coverage is typically rare. If you would like more information on Individual Dental Insurance please contact our office.
On the Group side, many employers offer Dental coverage on a 100% participatory or a voluntary basis. 100% participatory means that all employees are covered under the dental insurance plan and the employer may require the employee to make a contribution towards the premium. A voluntary plan would allow employees, who wish to have dental coverage, to elect coverage and pay the premium themselves on a pre-tax payroll deduction basis. A typical plan would allow $1000 in annual benefits typically covering basic services at 100% and additional services at a lesser percentage with an annual deductible. Once the maximum claims limit of $1000 is reached the carrier would pay no benefits until the next calendar year. You may elect higher annual maximums. An additional benefit is that employees may be able to get in-network rates for services. Typically, in-network rates are substantially lower and the annual dollar benefits would last longer. Some carriers provide unlimited benefits for in-networks services on certain types of benefits. To obtain a quote for either 100% Employer Contributory Plan or on Voluntary Employee Pay All type coverage, Please fill out the enclosed form to obtain a quote for Dental Insurance.
Forms Listed below are Dental Networks
Aetna Dentist Find
Locating a dentist who participates in AETNA
MetLife Dentist Find
Locating a dentist who participates in MetLife
Finding a quality disability plan from an experienced quality carrier can be challenging, especially for small businesses. Group insurance benefit packages can be a determining factor in attracting and retaining the most desirable employees. Underwriting and insurance carrier approved would always be applicable.
Diversity and flexibility enables us to work with a business to design the ideal benefits package for almost any size group. Insurance carriers offer a variety of competitively priced, employer-paid, contributory and employee-pay-all (voluntary disability) products. Industry, occupation, and applicant health are all factors to determine the availability and scope of coverage. Some companies only have coverage on the business owners.
A Customized Disability Insurance Program:
Niche Financial Services, Inc. will design highly flexible packages of disability benefits and support services to meet each groups specific needs. Short-term disability plans begin replacing an employees income after he or she has been disabled for only a few days. Long-term disability coverage, once approved by the insurance company, can replace a disabled employee’s income through his or her traditional working age. You can also choose a broad spectrum of plan designs that vary by benefit amount, elimination period, benefit maximum, duration, disability definition, and who is covered.
Proper planning will not only help return the disabled employee to his or her maximum potential, it will also help employers minimize the indirect costs of disability. Thus making it easier for both the disabled employee and the employer to handle the administrative aspects of a disability situation.
There are many additional coverages that may be offered as an employer. The tax code provides many incentives for employers to provide insurance for their employees to receive benefits on a pre-tax, tax deductible, tax deferred, and in some cases tax-free basis. Some of these benefits include cafeteria plans, which allow individuals to pay for many health related items such as insurance premiums, dependent day care, medical expenses, deductibles, and co-pays as well as other qualified expenses on a pre-tax basis. If you feel you may be missing some of the tax benefits available to you as an employer, please contact our office for additional information.