ERISA

Employee Retirement Income Security Act

The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry to provide protection for individuals in these plans.

The DOL has, over the past few years, hired many auditors to reach small employers and enforce adherence with ERISA regulations. ERISA compliance can be very time consuming and can be costly to an employer should a claim be reported. Recently, there are proposed regulations toward small employers to file Form 5500 and Schedule J (Group Health Information), to confirm they are compliant with template Summary Plan Descriptions and other ERISA documents.