By using Precise Payroll for your payroll and TPA Services you will benefit from the following:

  • Cafeteria Plans, including Medical and Dependent Care Flexible Spending Accounts (FSAs), Premium
  • Conversion Plans, and Premium Only Plans (POPs), governed by IRS Section 125
  • Health Reimbursement Arrangements (HRAs) governed by IRS Section 105
  • Health Savings Accounts (HSAs) governed by IRS Section 223
  • Qualified Transportation Plans (QTPs) governed by IRS Section 132
  • Preparation of Volume Submitter Adoption Agreement, Summary Plan Description (SPD) and all required notices and forms
  • Determination of Employees Eligible to Participate
  • Determination of Vesting Service
  • Submission of contributions per pay period
  • Preparation of Annual Trust Accounting
  • Calculation of Employer Matching Contributions
  • Calculation of Employer Profit Sharing Contribution using various allocation methods: Pro-Rata, Integrated with Social Security Wages and New Comparability based on groups, age and/or service
  • Preparation of Annual IRS Filing 5500-SF and 5500 as well as assistance with large plan audit
  • Distribution Processing, to include terminations, in-service, hardship, and age 70 RMDs