Global pandemic = qualifying event
The Coronavirus (COVID-19) has caused upheaval in many aspects of everyday life, including the effect it has had on employee benefits…particularly pre-tax accounts. The question is, can employers/employees make benefit changes because of COVID-19? It depends on who you ask, but here’s a few things you need to know about TASC and our position.
TASC Participates in the Process. In addition to monitoring the thousands of pieces of legislation and regulations that are drafted every session, our Government Affairs team (which consists of both in-house and contract lobbyists) has spent years on the Hill developing relationships with key government stakeholders. It’s this direct “pipeline” into DC that leaves us confident as to our sight line toward these issues.
TASC is a Pioneer. Had we listened every time the naysayers challenged us, then sole proprietors, farmers and small businesses would have been denied from saving billions in tax dollars through the adoption of health reimbursement arrangements (AgriPlan/BizPlan).
TASC is Pro-Client and Pro-Participant. For more than 40 years, we have been a leader, an innovator, and a partner of employers committed to ensuring the health, wealth and well-being of our customers, employees and community. This philosophy falls in line with the spirit and intent of both the Families First and CARES Acts by providing relief to help employers/employees in the face of economic hardships due to COVID-19.
Generally, TASC will back this qualifying event determination by providing an Audit Guarantee to all enrolled employers and participants. The final decision in all Plan issues remain with the employer; those uncomfortable with this agile mindset are welcome to opt for the more conservative approach.
One thing is clear – TASC doesn’t react, TASC responds!