Compliance is an often-overlooked aspect when offering IRS qualified plans. In particular, when it comes to FSA and Dependent Care accounts. Annual and open enrollment audits should ensure your goals meet IRS requirements regarding discrimination testing. Open enrollment or periodic audits are vital to being preemptive in keeping your plan non-discriminatory. If your project is discriminatory, the good news is it is correctable by disallowing pre-tax benefits for certain employees; the bad news is that it will have unhappy employees, and the HR department could have the proverbial egg on its face. Grenz Benefit Solutions & Administrators provides open enrollment and annual audits to virtually eliminate discriminatory plans.
In addition to ensuring your company meets non-discrimination testing, we have a team of ERISA experts that help ensure our clients are compliant with all laws and legislation related to the plans that we manage.