MidAmerica Administrative & Retirement Solutions specializes in providing different types of retirement plans to government employers throughout the country. We offer several cost saving programs, such as:
403(b) TPA Services
A 403(b) plan is a tax deferred retirement savings plan similar to a private company 401(k) plan. 403(b) plans are available to governmental and public school employees. The 403(b) designation refers to the section in the Internal Revenue Code. Changes in the IRS regulations require employers to provide compliance oversight and management of all of their employees’ 403(b) accounts effective January 1, 2009. Learn More
Employer Sponsored 403(b) Plan
The Employer Sponsored 403(b) Plan is designed to provide a tax-advantaged savings vehicle to pay for retiree health care expenses. Other payments may be contributed to the Plan based on years of service, severance and other retirement incentives. Learn More
3121 FICA Alternative (Premier) Plan
This Plan offers government entities the opportunity to provide a retirement savings program to their part-time, temporary and seasonal employees while eliminating the costs associated with matching Social Security (FICA) employer contributions. The 3121 FICA Alternative Plan complies with all requirements of the Internal Revenue Code 3121 regulations that govern the operation of this type of program. Learn More
MidAmerica Administrative Solutions works in conjunction with Keenan & Associates in California, to market the Accumulation Program for Part-time and Limited-service Employees (APPLE Plan) to government employers. Learn More
Post Employment Benefit Trust
This program allows the employer to establish a Post-Employment Benefit Trust as a vehicle to pre-fund employee and retiree benefits as recommended by GASB 34. When benefits become payable, they are paid for in a tax advantaged manner into either an IRC Section 401(a), Section 403(b) or Health Reimbursement Arrangement. Learn More
Special Pay Plan
The Special Pay Plan combines MidAmerica’s proprietary IRS approved 401(a) Plan and a 403(b) Post-Employment Plan. By using this combination, up to $80,000 (of “special pay”; accumulated terminal leave sick pay, annual leave, or some other form of incentive pay) can be contributed per Employee in the first year and up to $40,000 per year for the next four years. These contributions are not subject to Employer or Employee FICA taxes. In addition, Federal and possibly state taxes will be deferred until the Retiree is in a lower tax bracket. The Plan can be offered to different classes of Employees and eligibility can be limited to certain ages and minimum account balances. Learn More
Affordable Care Act (ACA) Compliance Reviews
Is Your Health Plan in Compliance with the Affordable Care Act (ACA)? With the ACA’s 2014 effective date rapidly approaching, many employers are concerned about whether or not their existing health plan will meet the new regulations.
•Does my plan follow the new rules?
•What changes do I need to make and when?
•If I don’t do anything, what penalties may we face?
Now there is an affordable way to find out if your health plan meets the new 2014 regulations. Learn More
Flexible Spending Account
Flexible Spending Accouns (FSA), oftentimes called Section 125 Cafeteria plans, were formally created by Internal Revenue Code 125 of the Revenue Act of 1978. The Act allowed Employees to set aside money on a pre-tax basis to pay for certain expenses. Expenses eligible for reimbursement include required Employee contributions to an Employer sponsored health care plan, dependent care expenses and any health care expenses not covered by the Employer health care plan. Examples of these expenses include co-payments, deductibles, prescription drug purchases, eyeglasses and dental expenses or any other eligible uncovered medical expenses. Money deposited in FSAs must be used in the year it is deposited or the remaining balance is forfeited. Learn More
Health Reimbursement Arrangement
The Plan is funded with money that Employees are entitled to for retiree health care, or the Plan can be funded with a portion of the Employees’ Special Pay. The funds in each Employee’s Plan account can only be used to reimburse the Retiree and Dependents for medical expenses. The money placed in the Health Reimbursement Arrangement is not subject to FICA contributions by either the Employer or Employee. Additionally, the money in the Plan is never subject to Federal Income Tax as long as it is used exclusively to reimburse the Retiree and Dependents for health care expenses. Additionally, in many states HRA funds are not subject to State Income Tax. Learn More