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PREMIUM ONLY PLAN (POP) NOTICE OF WAIVER JANUARY 1 DECEMBER 31, 2019I, wish to waive participation in the Premium Only Plan (POP) for the benefits plan year of January 1 through December 31, 2019.
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A Premium Only Plan (POP) is a type of cafeteria plan that allows employees to pay their share of health insurance premiums with pre-tax dollars.
Employers offering a Premium Only Plan are required to file it, especially if they wish to allow employees to pay premiums with pre-tax income.
To fill out a Premium Only Plan, employers need to complete the necessary documentation that outlines the plan's structure, include eligible employees, and ensure compliance with tax regulations.
The purpose of a Premium Only Plan is to reduce employees' taxable income, thereby decreasing their tax liability while allowing them to pay for health insurance premiums.
The information that must be reported includes participant details, premium amounts, plan year dates, and other compliance-related information.
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