401(K) Retirement Plans
Cardinal offers a multi-employer 401(k) retirement savings plan through Lincoln Financial Group. This plan is operated by Cardinal and is designed to allow clients and their employees to invest a portion of their gross income into a tax sheltered mutual fund. Cardinal takes on the administrative responsibilities for the plan and manages employee/employer contributions to Lincoln. Our plan offers clients three (3) plans to choose from and it allows employees a full range of investment options with Lincoln. In some cases, we can develop a specific 401(k) plan for our clients, which can include profit sharing and other options. Cardinal does not contribute to the plan.
125/129 Flexible Spending Plan
Cardinal’s Section 125 Plan allows employees to use tax-free dollars for health insurance premiums, 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 nearly 30% on those dollars contributed to the plan. This savings increases the employee’s purchasing power as well as 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 associated with this benefit.
Group Life Insurance
Cardinal offers group Accidental Death and Dismemberment (AD&D) life insurance through Transamerica to all eligible employees. You are also able to obtain coverage up to five (5) times your annual salary with a cap of $300,000 with minimal health questions and no exam. Dependent coverage is also available. You may insure your spouse (must be legally married) in $5,000 increments, not to exceed $50,000 or 50% of your approved coverage. Coverage for your dependent child(ren) may be selected in the following amount: $2,500, $5,000, $7,500 or $10,000.
Deductible Applies to Class II & III Services $50 per Individual / $150 per Family. 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, 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 dependants under 19 years of age only. * 12 month wait applies to Class III services. Waiting period is waived for employees who have had 12 consecutive months of comparable coverage under a prior plan.
No deductible. Maximum Benefit for Vision Exam is100% up to $100. Lens and Frame 100% up to $200. Copayment for Vision Exam is $15.00. Lens and Frames $15.00. Frequency of Benefit for Vision Exam is every 12 months. For Lens and Frames, every 24 months.
Health Insurance Administration
Cardinal will work with client’s licensed insurance agent or assist client in finding an agent to obtain a group plan for the client, including HRA, HSA, FSA options, and also individual health insurance plans for employees. Cardinal can be billed directly for the plan and will take care of the employee withholdings and plan administration.