The Employee Retirement Income Security Act sets legal standards for your health and retirement plans. We actively assist you in complying with these ERISA regulations.
In 1974, ERISA became law and changed the reporting and disclosure standards for Pension and Health and Welfare Benefit Plans. Until now, the requirements have largely been unenforced in the benefits arena, however ERISA audits of Health and Welfare Benefits Plans are expected to be a significant source of revenue to help pay for PPACA, and so enforcement is on the rise.
ERISA is a body of law that established and protects participant rights in employee benefit programs, including Pension and Health and Welfare Benefits, which sets standards for reporting and disclosure as well as fiduciary conduct. ERISA is enforced by the Federal Department of Labor, with penalties for non-compliance payable both to the government and directly to aggrieved employees. A common misconception is that ERISA applies only to plans with 100 or more participants, while the law applies to
nearly all plans with at least one participant.
While ERISA is a complex body of law, it is critically important that a plan administrator abide by the reporting and disclosure requirements of ERISA. Disclosure requirements can be met by creating and distributing Plan Documents, Summary Plan Descriptions (SPD), Summary Material Modifications (SMM), Summary Annual Reports (SAR), and other documents as dictated by ERISA. At Strategic Employer Planning Group, we sleep well at night when we know you sleep well at night. We are always ready to provide solutions that protect and add value to your business.