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Flexible Spending Accounts/Section 125 Plans
Cafeteria plans (including flexible benefit plans and premium-only plans) are governed under IRS Code Section 125. These plans allow participating employees to pay less tax and increase their take-home pay. They also allow employers to pay less FICA and FUTA taxes for employees who take advantage of flex plans and reduce their taxable income. Generally, the tax savings employers receive can pay the cost of setting up and maintaining a flex plan for employees.
DMA benefit consultants can review your existing cafeteria plan and compare costs and features to other plans and providers. Contact us to learn more.