Flexible Spending Accounts

Flexible Spending Accounts (FSA) Administration
Flexible Spending accounts are designed to allow employees to set aside money, on a pre-taxed basis in order to pay for their out of pocket medical, dental, vision, or dependent care expenses. This account is normally funded by the employee only but the plan does allow for employer contributions. This account is similar to an HSA or HRA, the main differences with this type of account are that it is not portable and all funds must be used by the end of the plan year or the contributed money is forfeited back to the employer. Administration of these plans will be very similar to both HSA and HRA accounts. Administration of a Flexible Spending Account includes:

Plan Document Preparation / Amendment for filing with Department Of Labor
Corporate Resolution Adopting / Amending Plan
Discrimination Testing (both initial and interim year)
Custom Forms
Computer Setup, Eligibility Entry
Flexible Spending Claims Payment
Recordkeeping and Reporting
Signature-Ready Form 5500 Preparation, if needed
Accounting Functions as Required by the Plan
Continued Administrative Support for Employer and Employees
24 Hour Account Info Access via the internet