Formula Corporation was formed in 1985 by Richard L. (Jay) Johnson. The mission of the company was then and remains today to provide top quality administrative services for self-funded plans. This focus has directed the business to many areas including Multi- Employer Health & Welfare and Pension plans. The goal is to create a cost effective option with primary thoughts focused on client service, accuracy and efficiency.
Formula Benefits, a division of Formula Corporation, was formed in 1989 and has a solid and diversified background in many areas of self-funded benefit administration. These areas include: Medical, Dental, Flexible Spending Accounts (FSA), Health Reimbursement Arrangements (HRA), Health Savings Accounts (HSA), Short-Term Disability and Vision Plans.
Our primary planning initiatives over the past two years have been to complete a seamless automated processing and reporting system that allows our customers, clients, participants and staff the freedom and ease needed to access information promptly and securely.
Plans are administrated for clients ranging from two (2) to seventy-two hundred participants (7,200). At present, our fund management exceeds four-hundred million dollars ($400,000,000). We appreciate the detailed requirements needed for the administration of this dollar volume. Quarterly audits performed on all Trust Funds coupled with certified annual audits performed by an outside agency.
Formula Corporation is licensed in the state of Minnesota and carries all required fiduciary liability and errors and omission coverage.
Your interest in our company is greatly welcomed.