ERISA Essentials offered by
The ACA added to the already overwhelming amount of mandatory notices and documents required for employers to remain compliant. The Employee Retirement Income Security Act (ERISA) is no exception to this trend, presenting further challenges to employers in remaining compliant with federal and state laws.
Noncompliance is expensive
The DOL’s Employee Benefits Security Administration (EBSA) is
responsible for ensuring adherence to the employee benefit plan system in the
The United States.
The EBSA substantially increased their enforcement of ERISA audits throughout
the U.S. in the last few years and shows no plans of slowing down.
Typically, employers who are not in compliance are subject to fines that
could range from $110 per day to over $1,000 per day.
These monetary penalties enforced by the EBSA further underlining the
importance for employers to administer a fair, consistent and effective
ERISA program to their employees.
BASIC's Best-in-class service
Dedicated ERISA Account Managers for each client
Their experts include a Certified Health Care Reform Specialist (CHRS), Senior Professional in Human Resources (SPHR®), and an Attorney)
Average hold time is less than 30 seconds
Employers can access their ERISA documents 24/7 through a secure cloud-based portal
Who must comply with ERISA?
For Employers with 1-99 Employees:
All employers who offer Group Welfare Benefits to their employees are required to provide a Plan Document and Summary Plan Descriptions (SPDs). BASIC will provide an ERISA-compliant Plan Document & WRAP Summary Plan Description (SPD) for required benefit plans meeting regulatory compliance requirements.
ERISA requires that plans provide a Summary of Material Modification (SMM) to plan participants when there is a material modification to the plan itself, or there is a change to the information that is required to be provided in the Summary Plan Description (SPD).
Employers are required to give employees a variety of ERISA/ PPACA related notices concerning their rights and responsibilities. BASIC provides all applicable notices and can be customized with the employer’s specific information.
For Employers with 100+ Employees:
A Delinquent 5500 Filer service is available at an additional cost.
PLUS Form 5500 Preparation for most employers with 100 or more participants in a Welfare Benefit Plan as defined by ERISA. BASIC will complete the welfare benefit plan 5500 filings for all Schedule “A”s, along with the required Summary Annual Report (SAR) preparation.
All of the above is required.