NO SETUP COST FOR EMPLOYER
Section 127 EAP Plan Documents Requirement
The CARES Act employer-based student loan relief is provided through the employer’s Section 127 Educational Assistance Program (EAP), which is established with “a separate written plan of an employer for the exclusive benefit of his employees to provide such employees with educational assistance.”
Even if the company already has a Section 127 EAP in place, the plan document must be updated to reflect the CARES Act student loan repayment opportunity.
This plan document requirement is easily met with the Core 127 plan document package. For a limited time Mid Michigan Health Insurance Advisors (MMHIA), will provide the plan documents at NO COST to employers during the pandemic. Typically this package cost $99 dollars to seup, and includes the formal written plan document, summary plan description, customized election, and claim forms, and more.
Optional, but highly
The CARES Act