Keeping Your Business Compliant: How to Meet Current ERISA Requirements


With the ever-evolving health care landscape, it is important that your business stay up to date on all compliance requirements related to Employee Benefits. There are two ERISA requirements that the majority of employers typically do not meet. They include maintaining correct plan documentation and providing employees with summary plan documents (SPD). Many businesses mistakenly think they are compliant by distributing benefit booklets/summaries and assume that insurance contracts, certificates of insurance and benefits summaries fulfill the ERISA requirements for an SPD and Plan Document. But, these businesses generally don't include the required or recommended provisions that protect the plan and the employer, which can potentially be a costly mistake.

Failure to provide an SPD or plan document within 30 days of receiving a request from a plan participant or beneficiary can result in a penalty of up to $110 per day per participant or beneficiary for each violation. Furthermore, a lack of an SPD could trigger a plan audit by the U.S. Department of Labor. To help you and your business better understand the ERISA regulations, the following link can assist HR departments on staying compliant:

http://www.dol.gov/ebsa/healthlawschecksheets.html

If you have any questions or concerns, please feel free to contact us at 305-592-9926 or customerservice@mynmgs.com.



 

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