UFG's Multiplan can combine the following benefits types in dozens of different implementations to best suit your business and your goals.
The combination of plans depends on your specific needs and the details of your company, but always can be applied across segmented
employee classes without violating non-discrimination rules.
RETIREMENT BENEFITS
These plans are designed to provide funds for employees’ future retirement. Funds grow tax-deferred, and are taxable to employees when received. In most instances, life insurance may be part of these plans, if desired.
Fully Insured Defined Benefit Plans. A plan that defined a participant’s ultimate benefit, funded only with guaranteed products. Strong guarantees, high initial contribution limits, higher ultimate funding limits and lower administration costs, but less flexibility.
Standard Defined Benefit Plans. A plan that defines a participant’s ultimate benefit, funded with any type of investment product. Higher potential returns, allows active asset management, more flexibility, minimal guarantees, higher administration costs, lower ultimate funding limits and lower initial contribution limits.
Deferral Only 401(k). A plan that defines a participant’s contribution, funded by the employee. Uses primarily mutual funds or guaranteed products, low contribution limits, no ultimate funding limits, allows active investment management, low administration costs, low flexibility.
Standard Defined Contribution Plan. A plan that defines a participant’s contribution, funded by the employer. Uses primarily mutual funds or guaranteed products, moderate contribution limits, no ultimate funding limits, allows active investment management, moderate administration costs, high flexibility.
Employee Stock Ownership (ESOP) Plan. A defined contribution plan that invests in the stock of the business. It is designed primarily to pass employees ownership of the business over a period of time while preserving management control. High tax and planning benefits, moderate contribution limits, low flexibility, high initial and ongoing administration costs.
HEALTH INSURANCE BENEFITS
These plans are designed to provide various types of current health benefits to participants.
Group Medical. Provides major medical, comprehensive and drug coverage, with deductibles and co-payments as determined by the business.
Group Disability. Provides disability coverage at a specified percentage of salary, if the participant cannot engage in any meaningful work activity. Waiting and coverage periods and percentages are determined by the business.
Group Dental. Provides coverage for dental care, braces and other work as prescribed.
Individual Disability. Provides disability coverage until age 62 at a specified percentage of salary, if the participant cannot engage in his or her current occupation.
Group Vision Plan. Provides coverage for vision care, eye examinations and corrective lenses as prescribed.
Critical Illness Insurance. Provides specific cash payments to the participant if he or she is diagnosed with a specified illness. Generally used as a supplement to group medical and disability insurance.
Long Term Care Insurance. Provides nursing home coverage for a specified time period, at specified rates, in the event that a participant is unable to carry out certain activities of daily living.
LIFE INSURANCE BENEFITS
These plans are designed to provide current death benefits to a participant’s named beneficiary in the event of the participant’s premature death. The cost for death benefits of greater than $50,000 are taxable to the participant based on IRS tables.
Group Life Insurance. Term insurance in either a flat amount (i.e. $50,000) or a multiple of current salary. Participants may convert their coverage to an individual, permanent insurance policy if they leave employment.
Individual Permanent Life Insurance. Permanent insurance as a multiple of current salary, usually owned by the insured and paid for by the business.
Death benefit-only Plan. Term insurance in a multiple of current salary. Participants may purchase an individual, term insurance policy from the plan if they leave employment.
