
Administrative Capabilities
Compliance Resources
The Boon Group® has the expertise and resources to help clients address compliance issues ranging from custom legal document preparation to independent accounting and reporting.
Legal, Licensing and Compliance Services
- Custom plan documents and summary plan descriptions preparation
- Trust arrangements establishment, trust documents and agreements development, and assistance to trustees
- Compliance with HIPAA Privacy and Security rules monitoring and agreements
- Tracking of federal legislation governing ERISA plans, as well as state legislation and ensuring compliance with new regulations
- Contracting brokers
- Carrier appointments
- Carrier contracts
- Affordable Care Act compliance
- State mandate requirements
- Employer support with DOL audits
- Licensing for sales staff, enrollment staff and subsidiaries
Accounting Services
- Independent and second level accounting for all cash received and disbursed for each plan
- Monthly financial reports for each Trust including balance sheets, income statements and bank reconciliations
- Processing of all cash transactions related to claims checking accounts including positive pay, daily transaction balancing and monthly account reconciliation
- Commission payments and commission statement distribution to agents, brokers and consultants
- Form 1099 issuance (including providers)
- Payroll processing including quarterly and year end reporting
- Independent audit support for Form 5500 filings
- Support for Form 5500, Form 990 and Form 1041 filings
- Monthly reconciliation of carrier’s premiums and monthly disbursement of funds.