What Employees Need to Know About IRS Section 125 Cafeteria Plans
Organizations inside the modern-day business contention are searching to establish new ways of reducing charges and increasing worker satisfaction. One way is to make use of the IRS Section 125 plan, also called a cafeteria plan. The IRS Section 125 plan affords personnel with a possibility to spend their advantages outlays using untaxed greenbacks and thereby assist both companies and individuals in understanding large tax financial savings. At Elevate Benefits, we've carried the conventional IRS Section 125 plan a step further with the aid of including a Preventative Care Management Plan (PCMP) and a Self-Insured Medical Reimbursement Plan (SIMRP) to our proprietary Elevate+ software. The whole compliance bundle offers super cost for all events concerned because it necessitates no expenditure with the aid of employers or personnel. 1. What is an IRS Section 125 Cafeteria Plan? IRS Section 125 Cafeteria Plans are worker benefit packages that permit workers to choose amongst or m...