Benefits Solutions
Top talent requires premium perks – luckily, SOS can help you find exceptional benefit packages at competitive rates.
Strategic Outsourcing Solutions has a team of experts who know their way around the rules and regulations standing between you and the best insurance providers in the country – and we can provide custom plans for your employees below market rates.
Medical Insurance
Our partners include some of the largest insurance providers in the country, and we have exclusive access to some of their most premium coverage options. We’ll come up with a way to provide the best benefits your budget can provide.
Dental and Vision
Let us build an attractive package for your employees – our customized options compete with some of the biggest companies in the USA, and our partners include all of the top providers your employees already know.
Voluntary Benefits
We can help you provide additional benefits to your employees – at no cost to you! Ask us about flexible spending accounts (FSA), Health Reimbursement Accounts (HRA), Health Savings Accounts (HSA), and commuter benefits.
Life Insurance
We provide group, term, whole, variable, and universal life insurance options from some of the top providers. We also offer insurance to protect your business from the loss of a partner.
Disability Insurance
We’ll assess your risk, and then develop a customized solution for short- and long-term coverage (STD & LTD). Our providers include some of the best names in short- and long-term disability insurance.
COBRA
The Consolidated Omnibus Budget Reconciliation Act, known as COBRA, is a federal law that requires certain employers to allow former employees to continue their health insurance coverage under the company’s group health insurance plan for a specified length of time. The employee who chooses COBRA coverage will make full premium payments at the group plan rate. Whether an employee quits, is laid off, or is fired, your responsibilities under the law do not necessarily end when the employee walks out the door.
There is an immense amount of administration that is required by an employer to comply with the law and adhere to strict guidelines and time frames imposed under COBRA: For example, an employer must notify its health insurance plan administrator of the employee’s COBRA eligibility within 30 days of the employee’s last day at work. The plan administrator then has 14 days in which to notify the employee of the right to elect COBRA coverage. Then, the plan administrator has 14 days to notify the former employee’s dependents and other qualified beneficiaries (such as a spouse, parent, or child who was covered under the employee’s health plan) of their opportunity to elect COBRA coverage, even if the former employee chooses not to elect coverage for himself. They must be given at least 60 days to make the election.
The Department of Labor fines employers $110 for every day that a COBRA notice is delinquent. Also, the IRS can assess a penalty tax against employers that do not comply with COBRA notification rules.
Let us help you ensure compliance with governmental requirements and remove the burdensome administration involved with managing this necessary process.
Retirement Plans
We can help you determine the right retirement plan for your employees by determining income goals and the actions and decisions necessary to achieve those goals. Retirement planning includes identifying sources of income, estimating expenses, implementing a savings program, and managing assets. We can help you make important choices, like whether a Deferred Compensation Plan is an option or if a 401K is best. You can trust that our financial partners have the knowledge and expertise to provide a road toward a profitable retirement.
401(k)