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.