Insurance & Compliance
Compliance is more than just knowing a law exists. It’s A) understanding what it means, B) if it applies to you, and C) how to do everything right and avoid penalties. With PrimePay, we’ll D) handle all of the above.
Workers’ compensation insurance premiums are based on your payroll dollars. Because of that, PrimePay can help you start saving today.
Our payroll and workers’ comp integration allows you to pay per payroll. This means you'll have:
- A premium based on actual payroll numbers.
- Little to no down payment.
- Reduced risk of over/underpayment.
- Simplified year-end audit.
Here’s how we can help you handle your worker’s compensation per payroll run:
ACA Compliance Navigator
The Affordable Care Act (ACA) continues to be a point of confusion (and sometimes contention) for many business owners. With much uncertainty regarding the law, it’s comforting to know you can count on PrimePay to help you navigate the deep ACA waters.
Our Online Payroll clients have an advantage on this one. By gathering data from our payroll system, and a little more info from you, we are able to handle ACA Forms 1094/1095 reporting.
When the time comes, we’ll eFile with the IRS and provide them to you for your personnel - just like we do with Forms W-2.
ERISA Compliance Services
The Department of Labor estimates that three out of four employers aren’t maintaining what they need to comply with ERISA regulations.
We understand compliance is a lot to handle, especially when it comes to health benefits. That’s why we offer two solutions to ensure your needs are met.
The Employee Retirement Income Security Act (ERISA) is a federal law that requires employers to abide by specific regulations concerning their health and welfare benefit plans.
Did you know? If you’re not providing employees with summary plan descriptions (SPDs) or maintaining sufficient plan documents, you could be out of compliance.
Together, we can work toward:
- Satisfying ERISA requirements.
- Simplifying the amendment process and reducing filing risks.
- Removing unnecessary filing fees and streamlining documentation (based on your needs).
Choose the solution right for your company:
Nondiscrimination testing (NDT) ensures equality for all employees by evaluating the eligibility, contributions and benefits on a nondiscriminatory basis.
The IRS mandates that pre-tax benefit accounts must complete NDT – there are no exemptions.
In just three steps, PrimePay can help you ensure equality and compliance with NDT. Additionally, we promise:
- Secure transmission of all data, ensuring the security of private information.
- All test(s) required by the IRS are included.
- Mid-year testing is offered to help you uncover potential problems for your plan’s year-end test.
- Tangible, easy to understand reports which include corrective steps (if needed).
It’s true! Keep the lines of communication open and we can help you handle COBRA compliance. That means you can avoid costly penalties and excise taxes ($100 or more a day per violation) from COBRA audits.
The Consolidated Omnibus Budget Reconciliation Act (COBRA), passed in 1985, is a law requiring employers with 20 or more employees that offer health care benefits to offer a continuing coverage option to those who lose their benefits due to termination, reduction in hours, etc.
Since its inception, COBRA has cost businesses millions of dollars in legal and compliance fees. The IRS estimates that up to 90 percent of employers are out of compliance with COBRA regulations.