Retirement Resources
for the Massachusetts
Banking Industry
- Since 1946 -


CBEBA - Our Sister Organization

CBEBA is a sister organization to CBERA. Authorized by the Massachusetts Legislature in 1990 under Chapter 170, Section 33, CBEBA is allowed to provide non-qualified retirement plans and welfare benefit plans to members of CBERA.

The primary service that CBEBA provides its customers is administration of shared premium, health reimbursement arrangements (HRA), health care reimbursement and dependent care assistance plans. The administration includes a plan document, regulatory filings, forms, communication materials, employee meetings. Claims processing is handled through a relationship with HR Concepts of Manchester, New Hampshire. HR Concepts is a leading third party administrator of benefit plan claim processing.

The shared premium, health care reimbursement and dependent care assistance plans benefit both employees and employers with their tax favored provisions. The health reimbursement arrangement account provides employer assistance to employees electing a high deductible health care plans.

Under the shared premium plan, an employee can contribute toward the cost of his/her group health insurance plan with before tax dollars. The contribution is withheld from payroll prior to the calculation of federal, state and social security withholdings. Therefore the net payroll cost to the employee of the contribution is reduced.

A participant in a health care reimbursement or dependent care assistance plan can elect to have dollars withheld from pay on a before tax basis and then used to reimburse eligible expenses incurred during the year. For any employee who can reasonably determine, prior to the start of a year, the amount of eligible expenses expected during that year, these plans provide a tax effective way of meeting those expenses.

An HRA account is funded with employer dollars which are used to reimburse some or all medical expenses incurred in meeting health plan deductibles. An HRA used in conjunction with a high deductible plan increases employee awareness of the cost of heath care services, but limits the ultimate cost to the employee. As employers are attempting to better control their health care expenses, this plan design combination is becoming more prevalent.

Any CBERA member interested in receiving additional information on these plans should contact Frank Maloney at 781-551-8500 or by e-mail, maloney@cbera.com.

Want More Information?

For information about CBERA and our plans, including requests for benefit estimates - contact CBERA at 781-551-8500.
Click here to submit an online information request form or click here to inquire via email.