Setting up an 831(b) Plan involves a structured four-phase process:
- Discovery & Education: Initial meetings are held to understand your company’s specific needs and to educate you on the benefits and setup of an 831(b) Plan.
- Risk Analysis: This phase involves analyzing your company’s risks and devising a long-term risk management strategy, including determining appropriate insurance coverages.
- Implementation: The plan is formally established, including deciding its ownership structure and company name, and you will engage an agent to purchase necessary insurance coverages.
- Monitoring & Adjustment: Continuous monitoring and communication ensure the plan remains aligned with your business needs and compliant with regulations, with adjustments made as necessary.
Costs include an initial set-up fee, an annual maintenance fee, and a retained liability premium. SRA strives to offer a transparent fee structure without hidden fees. These fees include:
- Initial design of 831(b) Plan
- Preparation of plan documents and risk assessments
- 831(b) Plan transaction approvals
- Monitor compliance with 831(b) Plan rules and guidelines
- Compliance filings of 8886, 1099-DIV, and meeting minutes
- Annual tax return
- Claim services
- Annual renewals
- Ongoing client consulting