401(K) RETIREMENT PLANS
Cardinal offers a multi-employer 401(k) retirement savings plan. This plan allows clients and their employees to invest a portion of their gross income into tax-sheltered funds. Cardinal takes on the administrative responsibilities for the plan and manages employee/ employer contributions. Our 401(k) product offers clients multiple plans to choose from and allows employees a full range of investment options. Cardinal does not contribute to the plan.
125/129 FLEXIBLE SPENDING PLAN
Cardinal’s Section 125 Plan, or FSA plan as it is commonly called, allows employees to use tax-free dollars for un-reimbursed medical and dependent care expenses. The plan is administered by Total Administrative Services Corporation. By participating in the plan, employees can reduce federal, state, and FICA taxes by nearly 30% of the dollars that are contributed to the plan. These savings increase the employee’s purchasing power and offsets the increasing cost of medical insurance, out-of-pocket medical expenses and childcare or dependent care. There are no additional tax forms to file, as the employee’s W-2 will reflect the lower taxable income. Best of all, there are no fees or additional costs. *Oregon requires group health plans to qualify for pre-tax medical reimbursement through FSA.
HEALTH INSURANCE ADMINISTRATION
Cardinal will work with your licensed insurance agent or assist in finding an agent to obtain a group plan—including HRA, HSA, FSA options, and individual health insurance plans for employees. Cardinal can be billed directly for the group plan and will take care of the employee withholdings and plan administration.
GROUP HEALTH PLAN
Our group health plan with 12 options and features, such as an employee assistance plan, telemedicine, and vision provides administrative relief.
GROUP LIFE INSURANCE
Cardinal offers group Accidental Death and Dismemberment (AD&D) life insurance through Transamerica to all eligible employees. Your employees will be able to obtain coverage up to five times their annual salary with a cap of $300,000 with minimal health questions and no exam.
Dependent coverage is also available. Employees may insure their spouse (must be legally married) in $5,000 increments, not to exceed $50,000 or 50% of approved coverage. Coverage for dependent child(ren) may be selected in the following amount: $2,500, $5,000, $7,500 or $10,000.
DENTAL INSURANCE
Deductible Applies to Class II & III Services is $50 per Individual / $150 per Family. The annual Maximum Benefit (based on Calendar Year) is $1,000. Class I – Preventive Services 100%. Includes dental exams, cleanings, fluoride treatments, x-rays. Deductible is waived. Class II – Basic Services 80%. Includes fillings, oral surgery, and tooth extractions. Deductible applies. Class III – Major Services* 50%. Includes prosthetics, crowns, inlays, onlays, bridges. Deductible applies. Class IV – Orthodontics 50%. Lifetime Maximum Benefit $1,000. Available on dependents under 19 years of age only. * A 12-month wait applies to Class III services. The waiting period is waived for employees who have had 12 consecutive months of comparable coverage under a prior plan. Cardinal offers Dental Insurance at no cost to the Employer, but Employee costs will vary based on selections.
VISION INSURANCE
No deductible. Maximum Benefit for Vision Exam is 100% up to $100. Lens and Frame 100% up to $200. Copayment for Vision Exam is $15.00; Lens $15.00; Frames $15.00. The frequency of Benefit for the Vision Exam is every 12 months. For Lens and Frames, every 24 months.