The increasing compliance burden is particularly difficult for small and medium-sized organizations, many with one or two person HR departments tasked with day-to-day HR functions. COBRA administration, HIPAA compliance, Flexible Spending Account (FSA) administration and 401(k) administration, and now SBC compliance, make the HR administrator's job complex and daunting. And getting into the weeds on the broad range of compliance issues is not typically within the broker or consultant's bailiwick. According to Grudzien, these burdens will only increase: the DOL and IRS have increased hiring of auditors to monitor compliance across the board, with a particular focus on SBC compliance, which adds pressure to client communication practices. When you work with our firm, you can rest assured that we have the expertise and the systems to help our clients alleviate these burdens.
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10 Common Mistakes
Get support with employee benefits, handbook templates, law details and more with HR 360.
In a recent survey, 57% of companies said they had dealt with an employee-related lawsuit in the past five years. Plus, employees win lawsuits two-thirds of the time with the average employment verdict exceeding $250,000 and the cost of defense exceeding $100,000.
Few small or medium-sized businesses have the dedicated resources to prevent costly lawsuits and the loss of intellectual property. My Legal Help provides you with an affordable and responsive means of avoiding employment law mistakes, safeguarding your business and protecting your assets.
My Legal Help provides answers on all aspects of employment law–within one business day. Subscribers submit questions which are answered by our team of legal experts, headed up by prominent ERISA attorney, Larry Grudzien.
When it Comes to Compliance, One Wrong Turn Can Be Disastrous
The road to compliance is long, winding and perilous. A wrong turn -- or oversight -- can result in penalties, law suits or a major breach of your intellectual property. Do you have the dedicated resources to monitor and make sure you avoid these top ten compliance mistakes?
Our agency does!
DOL Audit Compliance
The U.S. Department of Labor has increased resources to regulate and enforce employment laws -- with a particular emphasis on auditing health reform compliance.
Our agency offers an HR software tool, which provides you with a secure, online audit service that simplifies compliance by facilitating the access, distribution, and tracking of up-to-date documents, from cafeteria plans to SBC documents.
A Single Misstep Can Be Devastating because Employment law is complex. Few small or medium-sized businesses have the dedicated resources to prevent costly lawsuits and the loss of intellectual property. Making any of the following common employment law mistakes can put you and your assets at risk.
Benefits and Coverage
Did you know that the SBC law became effective 9/23/2012. All group health plans and individual health insurers will have to provide a summary of benefits and coverage explanation that meets specified criteria to all enrollees when they apply for coverage, when they enroll or re enroll in coverage, and when their policy is delivered. The employer penalty for non-compliance is $1,000 per employee!