Over the past couple of weeks we have received numerous inquiries regarding the safekeeping and management of Employer funds.
We hold in great regard the safekeeping of monies entrusted to us by the Employer.
The following explains banking options for our Employer clients.
1. RHS is custodian of claims fund bank account
- RHS sets up a trust fund in the employer's name and Tax ID number with Umpqua Bank to maintain the employer's reserve fund.
- Employer reserve funds are not commingled with other employer's reserves.
- Employer payments for premium, claims and administrative fees are deposited into this account.
- Checks are generated by RHS out of this account to pay carriers, claims received and administrative costs.
- A monthly reconciliation is provided to the employer with claims information and a check register.
2. The Employer establishes the bank account
- Employer will set up an account and fund it as necessary.
- RHS generates the checks necessary to pay claims and other HRA costs from the account.
- RHS bills the employer monthly for administrative and other costs.
- RHS provides a check register of all checks generated.
For details call John Nacol at 707-525-4370 or e-mail firstname.lastname@example.org.