First Financial Keeps Your Best Interest in Mind
As an employer, you invest significant resources into employee benefits decisions affecting your organization. One of your biggest challenges is to ensure that they are made in the best interest of all involved. Options need to be weighed to see how they will impact you, your employees and your organization.
In a world of ever-changing employee benefit scenarios, success is dependent on selecting the right company to help you identify and navigate barriers and complications related to maximizing options. Partnering with us, a fully-licensed third-party administrator opens the doors to industry best practices, utilization of advanced methods of technology, and up-to-date management of compliance and legal regulations.
In addition, we offer a full range of administrative services such as online billing, record keeping, and program evaluation to keep your organization running smoothly and efficiently.
Reduce the time it takes to reconcile your bill with our easy-to-use online billing system.
Our ComparePlus Tool provides a more efficient way for us to quickly compare the vendor invoice to payroll data and the enrollment platform for you. The software identifies the discrepancies in a very easy to understand format, expediting the vendor billing reconciliation process.
Section 125 Plans
We provide cost-effective methods to manage plans and maximize pre-tax contributions.
Section 125 “Cafeteria Plan” Administration
Costs for the administration of your benefit plans continue to rise and make it expensive to provide employees with quality programs. With Section 125, also known as “Cafeteria Plans,” you can reduce payroll-related taxes while allowing employees to pay for benefits on a pre-tax basis. We provide cost-effective methods to manage plans and maximize pre-tax contributions.
We will determine which products qualify under Section 125 as well as the following:
- Assure continuing compliance with IRS and Department of Labor regulations and your unique rules
- Provide all necessary forms and review all Salary Reduction Agreements, Benefit Election Forms, Plan Documents, and plan changes and amendments
- Coordinate Post Enrollment Payroll Software Upload
- Maintain all plan records to provide verification of plan compliance
- Process and administer all new and existing payroll deductions for insurance products under Section 125
- Process all medical reimbursement and dependent care flexible spending account claims
- Assist with carrier claims and associated follow-up as needed
- Provide consolidated online billing to allow payroll departments to submit one check to us for all payroll-deducted products. All interest-bearing and time-sensitive contributions will be processed by our Contribution Desk within two working days of the receipt of the funds.
Benefits Management System
Enhancing your Benefits Enrollment Experience with our industry leading administration platform, FFenroll.
FFenroll is an industry-leading benefits administration platform. Our enrollment system is designed for employers like you who are looking to streamline their enrollment, administrative and compliance processes into one, convenient solution. With 24/7 online access, it makes choosing and administering your benefits easy. Additionally, your custom payroll file will be derived from the election data captured in FFenroll, plus the system is updated in real time so you always have the most recent information available.
Comprehensive Benefit Management System
Time is a precious commodity and we want to help you save more of it. Our FFenroll benefits system was designed to help customers streamline their enrollment, administrative and compliance processes into one, convenient solution. Easy to use and time-saving? Yes! It’s a win-win!
Dashboard & Custom Reporting
Upon signing in to FFenroll, you will see a dashboard that includes an at-a-glance chart of your group’s enrollment data as well as customizable tabs for policy numbers and plan rules. You can also quickly access employee benefit files and enrollment history.
Plus, there’s no need for you to worry about creating report templates. With hundreds of established feeds, there’s a good chance we already have one made. If not, custom reporting is also available for your specific needs. All reports are generated in Excel format and can be filtered and sorted so you can easily gather all the data you need.
ACA Reporting Capability
Did you know that 90 percent of the data required for ACA reporting is living in your enrollment system? We’ve got you covered. We offer ACA solutions that integrate with FFenroll and most importantly, fit your needs.
Benefit Solutions Simplified
Time is money. FFenroll allows you to conserve resources with task automation. Our administrative dashboard includes time-saving features such as a quick glance open enrollment chart, customizable tabs for policy numbers, plan rules, and easy access to employee benefit files and enrollment history.
Industry Leading Flexibility
With new and innovative products trending in employee benefits, FFenroll is designed to handle complex plan designs and benefit offerings with ease.
Reporting made easy! Our system includes a comprehensive set of built-in reports that administrators can use out of the box or customize as needed with features such as controlled access, simple point-and-click usability, point-in-time reporting, change reporting, drill-down filtering, and multiple output formats.
ACA Compliance Suite
Our system offers the capability to provide ACA solutions. Ninety percent of the information required for ACA reporting lives in your enrollment system. Your benefits live here, and compliance should, too.
We provide cost-effective methods to manage plans and maximize pre-tax contributions. There are a few IRS-approved plans available to help employees save on taxes and increase their spendable income. These plans include Health Savings Accounts, Flexible Spending Accounts, Limited Purpose Flexible Spending Accounts and Dependent Day Care Accounts. Each account offers different tax advantages for different purposes, such as medical and daycare expenses.
Health Savings Accounts
Health Savings Accounts (HSAs) were created to help control healthcare costs. They provide a savings vehicle that allows participants to set aside money to pay for higher deductibles associated with lower monthly premium High Deductible Health Plans. The money saved in monthly insurance premiums may be set aside for eligible medical expenses incurred in the future. Balances roll over from year-to-year earning interest along the way.
We partner with trustee banks to offer a no-fee arrangement for HSA administration, which allows us to provide customer service to all your HSA participants as well as employees who participate in Dependent Day Care and Limited Purpose Flexible Spending Accounts.*
*The no-fee arrangement is applicable only when the participant goes on the portal and elects to not receive a paper statement. Please note that some trustee banks charge fees for various services.
Reimbursement Accounts Resources
We offer the following extras for participants:
Interactive Voice Response
When Flexible Spending Account and Health Savings Account participants need to quickly access account information on the go, they can use our Interactive Voice Response system. It is an automated phone system for participants to retrieve balance inquiries, report lost, stolen or damaged benefits cards and review transactions. There is also an option to be transferred to a customer service representative if the issue requires more personalized attention.
First Financial has partnered with the FSA Store and HSA Store to bring participants an easy to use online store to better understand and manage your reimbursement account. Participants can shop at the store for eligible items from bandages to wheel chairs and thousands of products in between, browse or search for eligible products and services using the Eligibility List, and visit the Learning Center to help find answers to questions.
Our convenient First Financial Benefits Card provides instant reimbursement, without your employees having to pay for their qualified expenses upfront and waiting for reimbursement. The Benefits Card can be used with Medical Flexible Spending Accounts, Dependent Day Care Accounts, Limited Purpose Flexible Spending Accounts and Health Savings Accounts. It reduces some paperwork and helps employees minimize the number of forfeitures at the end of a plan year.
Online Portal and Mobile App
We are pleased to provide custom online resources to plan participants.
Employee Benefits Center (EBC)
This is a custom website built specifically for your organization. It offers these great features:
- Smooth navigation
- Detailed information about benefits, voluntary product offerings, and employer programs
- Section 125 Plan and Flex information
- Important contact numbers and links
- Downloadable forms and brochures
FSA and HSA Online Portal and Mobile App
Flexible Spending Account (FSA) and Health Savings Account (HSA) participants can conveniently view their account information online using our online portal and mobile app.
- Account information
- View card details and profile information
- Submit FSA claims using an electronic claim form
- View pending claims
- Upload receipts and documentation
- Receive alerts
- Update direct deposit information
- Request distributions
- Invest in HSA funds
- Make additional contributions
- Pay a provider or pay yourself
- Download tax forms
Our knowledgeable team of licensed professionals provide ongoing maintenance of your retirement plans.
Section 457 Administration
We administer both the IRC Section 3121 Social Security Alternative Program (PST) and Full-time Voluntary Section 457 plans thus providing maximum savings to you and additional tax savings to the employees.
- Conduct annual surveys of financial products’ performance and status
- Draft plan documents
- Assure compliance with IRS rules and regulations for your group
- Conduct annual audits in order to prevent overfunding
- Assist you in the administration of unforeseen emergency requests by offering a recommendation based on current laws and regulations
- Provide educational meetings and enrollments
- Process and administer all 457 payroll deductions
- Work with participants to gather documentation to support all unforeseen
- emergency requests
- Provide all necessary forms for plan implementation
- Consolidated online billing and Electric Fund Transfer (EFT)
- Maintain Deferred Compensation Agreements
- Maintain account beneficiaries
Your designated benefits administrator enters the termination in the enrollment platform to submit all necessary information to generate COBRA notifications for employee and dependent qualifying events such as:
- Voluntary or involuntary terminations (excluding gross misconduct)
- Reduction of hours
- Loss of dependent coverage due to the death of an employee
- A dependent child who no longer meets the eligibility criteria
Once the information is supplied by an employer, we assume the responsibility of COBRA administration by:
- Generating and mailing COBRA notifications
- Sending out notifications using certificates of mailing, while also supplying a record of when and to whom notifications are sent
- Supplying payment coupons to COBRA qualifiers who elect COBRA to track receipt of payment helping assure timely remittance and staying in compliance with the required time frame
- Contacting carriers to reinstate coverage and remit premium payments to the carriers
- Sending out termination letters due to non-payment of premium or the exhaustion of COBRA coverage
- Notifying carriers of changes and/or termination in coverage
- Sending out re-enrollment packets to active COBRA participants at plan renewals