Madison, Wisconsin (PRWEB) January 26, 2014
TASC (Total Administrative Services Corporation), a provider of tax-advantaged medical and other benefit account management services, announces that Genesis Employee Benefits has become a Division of TASC with primary focus on Funded Health Reimbursement Arrangement (FHRA) solutions for public sector employers and organized labor. Genesis FHRA expertise and technology further extends TASC’s broad suite of health benefit solutions and market reach.
Located in Edina, Minnesota, with 42 employees, Genesis administers VEBA healthcare savings and reimbursement accounts using special purpose trusts. These trust-funded HRA solutions are used to help re-shape health benefit financing for employers, active employees and for retirees. Participants are provided self-directed investment accounts that are triple tax-free advantaged in their funding, earnings and use for reimbursement of qualified health expenses. The result is attractive, sustainable health benefits for employers and participants.
“An integral aspect of TASC’s growth strategy is to identify and acquire high growth high value solutions for customers. Genesis’s Funded HRA solutions fit this criterion perfectly. We are very excited to add Genesis to the TASC family of businesses and to be able to offer their solutions to our customer-base,” said Dan Rashke, TASC CEO.
By joining forces with TASC, Genesis preserves its culture of innovation, teamwork and service excellence, while gaining the scale-based advantages of a well-capitalized organization with over 800 employees in 60 locations. As a Division of TASC, the Genesis distribution network will have access to a best in class portfolio of services from small to large enterprise organizations. TASC will have a new service offering to bring to its established customer-base in all size markets.
Rick Allen, Genesis founder, cited TASC’s growth focus, broad services and extensive use of technology as key partnering values. “This merger increases our ability to address a critical national need for reshaping health benefit financing, particularly for retirement health benefits. Together we can help employers, employees and retirees with industry-leading solutions and services using FHRAs to coordinate administration of tax-advantaged health benefit and self-directed investment accounts.”
Located in Madison, Wisconsin, TASC is the nation’s largest, privately held, stand-alone third-party administrator of benefits accounts, compliance, and payroll services for more than 60,000 sole proprietors, family farmers and businesses. TASC’s services include AgriPlanNOW, BizPlanNOW, COBRAToday, DirectPay, ERISAEdge, FlexSystem, FMLAMatters, PayPath, and RetireeBilling. For more information visit: http://www.tasconline.com.
About Genesis Employee Benefits
Since 2002, Genesis has been a recognized leader of consumer-driven health benefits administration providing VEBA & Section 115 Trust administration, Funded & Unfunded post-employment healthcare accounts (RMSA & RMA), Notional & Funded HRA administration, HSA, FSA, TRA, COBRA & State Continuation administration. Our mission is to serve as the forefront leader in providing health benefit cost management strategies and regulatory compliance administration solutions.