Ensure compliance and save on managing your company's benefit plans
Q. What does it cost to be ERISA compliant?
A. Not much compared to the cost of non-compliance
ERISA is the Employee Retirement Income Security Act and it regulates Group Sponsored benefits. The Act requires employers to meet strict deadlines for disclosing plan information to all employees and follow rigid fiduciary codes of conduct.
Violations can mean severe penalties – up to $1,100 per day per violation. In fact, the Federal Government has collected $7 billion in fines from businesses over the past seven years.
If you answer "no" to any of these questions, the Federal Government may be after you next!
- Do you offer ERISA plan document?
- Do you have a Summary Plan Description and have you distributed it to each plan participant within 90 days of his/her first day of coverage?
- Have you ever amended your Summary Plan Description and if so, have you provided employees with a Summary of Material Modification?
- If you have over 100 enrolled participants in any benefit, have you ever filed a Form 5500 with applicable scheduled?
- If you have ERISA plans such as a 125 plan with Flexible Spending Accounts or Health reimbursement Accounts, do you have separate ERISA plan documents and Summary Plan Descriptions and have they been assigned an ERISA plan number?
Here is one question to which you should immediately answer "yes:"
Should I contact the Total Administration Services Corporation (TASC) to help me manage my employee benefit programs such as ERISA?
TASC is offering all State Chamber members a Free No-Obligation analysis AND a discount off all its products. Please call (866) 287-3683 for details or visit www.tasconline.com
HR Benefit Services: TASC (Total Administration Services Company)