ERISA Compliance for Employers

You know that ERISA, the Employee Retirement Income Security Act of 1974, is a federal law that regulates group-sponsored benefits, often called welfare benefit plans. But did you know that failure to comply with all of the requirements under ERISA often subject employers to severe penalties?

Even if you only have one employee and do not have a group health plan you must comply with ERISA. Audits are being conducted on a more frequent basis.

Court cases, awards and Department of Labor (DOL) fines have been levied on employers ranging from tens of thousands to hundreds of thousands of dollars. ERISA trumps state law and if a beneficiary or participant brings a bad faith claim to court, it can be costly for the employer.

I recommend Sterling Health Services Administration because their compliance experts can help you prepare ERISA Wrap plan documents to avoid these problems. Employers with large and small groups must comply with ERISA for group-sponsored benefits. Besides requiring the provision of specific plan features and funding information, the federal ERISA law mandates that employers comply with strict requirements for disclosing plan information to all eligible employees. Using a “wrap document” to bundle benefits into one plan makes it much easier for employers to document benefits for legal compliance and to effectively communicate with employees.

Contact Morgan Anthony for more information. She can provide you with collateral outlining the 24 documents that the DOL will require if a company is audited for ERISA compliance, information on Sterling’s services and fees, a Sterling ERISA Wrap service application, and a recent article published in California Broker Magazine by Sterling’s EVP of Business Development about ERISA compliance.

 Morgan.Anthony@sterlinghsa.com

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