Yes. As a service to employers, HSA Bank offers Plan Documentation and Non-Discrimination Testing.
Plan Documentation
HSA Bank can facilitate the creation and maintenance of the written Plan Document and Summary Plan Description for HRA, FSA and Commuter plans. These documents are a crucial part of any benefit program offered by employer groups as they communicate the plan benefits and how each plan operates. All documents are stored electronically for later reference and include a date and time stamp of the original or any subsequent revisions.
Non-Discrimination Testing
HSA Bank can facilitate the Non-Discrimination Testing (NDT) for HRA and FSA plans.The IRS requires employers to perform NDT each year. The reason for NDT is to prevent key and highly compensated employees from receiving a disproportionate amount of employer provided tax-free benefits as compared to the rank-and-file employees. NDT is an important component of plan compliance. Failure of an employer to satisfy the nondiscrimination testing requirements or take the necessary corrective measures can result in the inclusion of the discriminatory benefits in the income of highly compensated employees.