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HR pop quiz: Group-term life insurance
By Jenny IvyIf a group-term life insurance plan qualifies under Code Section 79, how much cost of insurance is tax-free to employees?
Paperwork is a significant part of the human resources managers' job, including everything from hiring and tax documents such as W2s, W4s, I9s and background checks to ensuring all health and benefit plans meet state and federal standards (form 5500). This section provides tools, tips and resources to help ensure all procedures are compliant and documents are filed correctly.
If a group-term life insurance plan qualifies under Code Section 79, how much cost of insurance is tax-free to employees?