To enable best cost, best practices, and efficient design, the FCMM Payroll Service is offered within the following parameters.
- Bi-weekly (26 payroll periods per year) or semi-monthly (24 payroll periods per year) payrolls are available. Federal, state and local income tax remittance and reporting included.
- Payroll Service includes LTD Plan coverage. Both Payroll and LTD are required in combination.
- The LTD Plan is administered as employee payroll deduction with “Tax Choice” provision. This means the employer adds the LTD Plan premium ($.0082 annual rate times covered salary) to the gross pay of each employee who is eligible (25 hours/week; no excluded classes), then deducts the amount through payroll deduction. The net cost to the employee is the small tax on the premium. The benefit is that a disability claim will be paid as nontaxable income.
- Payroll information-sharing authorization is required so that FCMM can administer the benefits programs effectively.
- Execution of all required documents, including LTD Plan adoption, enrollment of participants, and other necessary forms.