Financial Services Industry
Industry: Email Alert RSS FeedAgents should visit benefit cafeteria.
National Underwriter Property & Casualty-Risk & Benefits Management, September, 1997 by Joyner, Ric
There are two valuable tax programs available to agents and their employer clients. The first is the Internal Revenue Code (IRS) Section 125, commonly called "cafeteria plans." The second is the Internal Revenue Code Section 105, frequently referred to as a Medical Expense Reimbursement Plan (MERP).
The rest of the article will concentrate on the mechanics of implementing these programs; the benefits of starting a program; and the application in your industry. Cafeteria Plans -- this was a unique code adopted in 1978 -- along with 401(k) -- by Congress to give employers and employees a choice in structuring their benefit programs. The primary driving force was that during the late 1960s and 1970s, women entered the work force was large numbers,...
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