Documents are not required by law but are recommended and come with your CONEXIS Section 132 Plan administration. CONEXIS provides these documents as part of your initial setup.
Do you require payroll reports when remitting the employees payroll deduction amount?
With the Section 132 account, CONEXIS requires payroll reports that show actual reductions to an employee's salary.
What taxes are exempt?
Federal, Social Security and some state taxes are exempt. Please check with your local taxing authority if you have a question specific to your state.
When will deposits be posted?
Deposits will be added to a participant's account upon receipt of funding from employer.
Is discrimination testing needed for a Section 132 Benefit Plan?
This is not required.
Can owners participate?
Self-employed individuals, partners in a partnership, 2% or more shareholders in an S corp., outside directors, limited partners and limited liability company members may not participate in the plan.
Can we refund the participant any unused funds after they have terminated?
No, any unused funds after the 180-day run out has expired may not be refunded.
