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Even though educational assistance benefits are not currently formally subject to the Employee Retirement Income Security Act (ERISA), plan sponsors should still ensure that their 127 plans do not favor Highly-Compensated Employees (HCEs) and that owners are not receiving the bulk of the benefit.
What health plans are not subject to ERISA?
The federal ERISA laws govern employer-sponsored health plans, except those offered by a church or a governmental entity for its employees. Health insurance that is offered by a church or a governmental entity is not governed by ERISA.
What is the SEC 127 plan?
Section 127 of the Code provides that the gross income of an employee does not include amounts paid or expenses incurred by the employer for educational assistance to the employee (up to $5,250 per calendar year) if the assistance is furnished pursuant to an educational assistance program under section 127 of the Code.
What does IRC section 127 allow small business owners to do?
A Section 127 plan allows employers to assist their employees with student loan payments and is a great fringe benefit to take advantage of.
What plans are exempt from ERISA?
In general, ERISA does not cover plans established or maintained by governmental entities, churches for their employees, or plans which are maintained solely to comply with applicable workers compensation, unemployment or disability laws.
section 127 plan template
Section 127 plan template wordSection 127 plan template pdfHow to create a Section 127 programIRS section 127 eligibility and plan requirementsSection 127 educational assistance programCode section 127Section 127 nondiscrimination testingIRS tuition reimbursement limit 2025
Section 127 Program To qualify under 127, a program must: Have a written plan document. Not provide more than 5 percent of its total annual benefits to individuals who own more than 5 percent of the companys stock.
How do I know if a plan is subject to ERISA?
Check Your Plan Documents: Review your Summary Plan Description (SPD) or other documents. ERISA plans must provide an SPD that clearly states they are an ERISA plan. Look at Employer Contributions: If your employer contributes to the plan or matches your contributions, its likely an ERISA plan.
What is a section 127 plan?
Tax-free educational assistance benefits under a section 127 educational assistance program include payments for tuition, fees and similar expenses, books, supplies and equipment. The payments may be for either undergraduate- or graduate-level courses. The payments do not have to be for work-related courses.
section 127 plan document template
Drug Master Files Guidance for Industry
Comments and suggestions regarding this draft document should be submitted within 60 days of publication in the Federal Register of the notice announcing
The sample plan is intended to satisfy the requirements of section 127 of the Code and the underlying Treasury Regulations. An employer, in its discretion, may
The following document is intended to be a sample Section 127 Plan for assistance to FCA Dealers and their attorneys in establishing a valid written plan
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