A Section 125 Premium Only Plan (POP) allows employees to pre-tax their qualified insurance benefit premiums. All qualified benefits are deducted from payroll prior to federal, state, and FICA taxes. The sponsoring employer also saves a 7.65% FICA match on each premium dollar their employees pre-tax.
BMS Premium Only Services include preparation of required Plan Documents including Summary Plan Description and Adoption Agreement, a dedicated Customer Service Staff available to answer any questions, and completion of required Discrimination Testing.