NU Online News Service, Oct. 24, 12:55 p.m. – PayMaxx Inc., Franklin, Tenn., a payroll processing company, has introduced the Power125 program.
An employer can use the program to run a flexible spending account plan.
When an employer uses the Power125 program to run an FSA plan, participants can deposit and retrieve funds twice a month. Participants can also choose between getting cash through checks or through an electronic payment card system.
An employer can also use the Power125 program to administer a premium-only plan, a type of benefit plan that helps employees deduct health insurance premium contributions from taxable income, PayMaxx says.