Sam Bond Benefit Group Has Been Advising Business Owners For 36 Years
Sam Bond Benefit Group is a professional firm with 36 years of experience guiding business owners through the concepts of Professional Employer Organization (PEO) services. Frequently, business owners begin the conversation with the need for help finding one solution:
- Affordable employee health insurance with more choices
- Online enrollment, payroll deductions, and billing reconciliation for all carriers
- Other benefits, like guaranteed life insurance and disability insurance
- Safe, efficient, accurate, cloud-based payroll processing
- Workers’ compensation insurance
- Human resources support
- 401(k) retirement plan options
- HRA, HSA, FSA, ICHRA and other tax advantaged programs
A discussion of how the PEO concept can meet the one expressed need frequently leads to an analysis of other employee-related business functions. Payroll is the universal requirement where employers need a smooth process for fulfillment.
How It Works
Contractually, the PEO is a co-employer, so certain tax liability is legitimately transferred and filed under the PEO federal employer identification number (FEIN). Unlike a payroll company, there are no federal tax forms to review and sign at the client company level. Risk and liability are effectively transferred to the PEO, the PEO is then responsible for the employees’ payroll even if the client company doesn’t pay them, which creates the co-employment relationship, and thus an insurable interest.
A shared insurable interest in all of the employees is how the insurance carriers for benefits and workers’ compensation provide coverage based on all employees of the PEO customers as a large group, representing millions of dollars in premiums. This results in discounts, more plan variety, improved carrier selection and provides ease of enrollment and premium administration via the payroll interface.
Economies of scale apply to all the HR needs supplied by the PEO as co-employer, including payroll and human resource information systems (HRIS), and access to experienced human resource guidance via personnel within the PEO. Think of these services being similar to the fractional executive model. Access to a pooled employer plan (PEP) for 401(k) retirement savings plan participation can be adopted if desired by the client company.
Why Choose Sam Bond Benefit Group
As independent agents, Sam Bond Benefit Group represents the interests of business owners in determining the exact services they are looking for in the relationship, how they want them delivered, and which carriers they would like to have access to for coverage. We build a Request for Proposal together, allowing Sam Bond Benefit Group to be a single point of contact in providing multiple solution options, analysis, negotiation, and enrollment. Our services go beyond the transaction; we make sure the relationship is strong throughout the duration and encourage ongoing communication. Careful attention to the unique and changing needs of each client company is what keeps our business associates recommending Sam Bond Benefit Group year after year. We work for you!
