Plan Requirements Implementing a Section 125 Flexible Spending Account is a relatively simple matter. There are a number of administrative IRS requirements to have a valid Plan. FlexBank can make setting up such a Plan simple and cost-effective.

The Plan Document The IRS says a Flex Plan requires a written Plan. Written Plans include a description of the benefits to be offered, participation rules, election procedures, etc. A model written Plan is included in all Plans initiated through FlexBank.

The Summary Plan Description A Summary Plan Description (SPD) is a requirement of the Department of Labor. An SPD is a summary version of the written Plan and it must be distributed to all participants within 90 days of the inception of the Plan.

Employee Enrollment Initial enrollment activities are critical to the successful future utilization of the Plan. The IRS has imposed rules that must be understood by participants so as to take full advantage of the Plan. FlexBank has spent years developing a superior method of teaching employees how to use the Plan. At inception of the Plan, we provide:

• easy to complete enrollment forms
• employee brochures, and 
• access to a user-friendly website www.FlexBank.net.