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Let employees take home more pay with a Premium Only Plan
Employees take home more pay with a Premium Only Plan. ADP’s Premium Only Plan (POP) allows employees to pay health insurance co-payments with pre-tax dollars. With POP, insurance premiums are deducted before taxes are taken out, thereby reducing your employees’ gross taxable income and allowing them to take home more pay. Ina addition, your employer portion of taxable income is reduced by the amount of your employees’ insurance deductions. The tax savings go straight to your bottom line. ADP monitors all regulations pertaining to plan documentation, summary plan description, enrollment forms, nondiscrimination testing, and the preparation of IRS Form 5500.
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