At any given time, any given employer may be singled out for a civil investigation by the Department of Labor! These audits aim to ensure that employee benefits plans are in compliance.
With all of the attention being given to Healthcare Reform, have you overlooked one area of compliance that’s more important than ever? We’re talking about ERISA compliance. Many employers–and you may be one of them–do not fully understand the Employee Retirement Income Security Act (ERISA), how it impacts business and employees, and the various possible risks it presents.
The upswing in health and welfare plan audits continues, as do the potentially stiff penalties for noncompliance. Savvy Plan Sponsors engage help to resolve problems and guidance to ensure they can pass audits of plan documents and procedures requirements as mandated by The Employee Retirement Income Security Act of 1974 (ERISA).
The Employee Benefits Security Administration (EBSA), a division of the DOL, is charged with enforcing ERISA compliance. To intensify efforts to police companies, EBSA has recently added 1,003 full-time positions. The result? For 2014 alone they expect to achieve nearly $1.2 billion in fines and penalties.
VADA Can Help – Through one of our strategic partners: TASC (what does TASC stand for?)
TASC’s ERISA Edge provides an easy solution for employers. By performing all key areas of documentation and SPD disclosure requirements per ERISA, ERISAEdge ensures complete compliance with the law in these areas.
- Plan Document and Summary Plan Description (SPD) known as a wrap Plan or mega-wrap Plan.
- IRS 5500 Form and associated Schedules A or C, if necessary.
- Summary Annual Report (SAR).
- Summary of Material Modification (SMM), if necessary.
- Required ERISA and Healthcare Reform Notices for eligible employees (if elected).
- Guarantees compliance with all ERISA disclosure and reporting requirements; ensures ERISA Plan is current with all regulation changes.
- Monitors the ERISA Plan and the associated employee benefits to ensure timely disclosure of Plan changes to employees.
- Monitors legislative and regulatory changes, ensuring the Plan is up-to-date. Automatically provides Clients with amendments due to regulatory updates. Clients need not be concerned with regulations and deadlines.
- Provides online storage of Plan document(s); maintains required records for the mandated amount of time.
- Provides instruction regarding required on-site record keeping.
- Provides detailed instructions for disclosure procedures to Participants.
- Assists in the event that employee benefits plans are reviewed by the DOL.
- Technical and customer service assistance.
- PCORI services.
- Hold Harmless Agreement.
- Bi-annual Client newsletter.
For More Information and pricing (more affordable than you might think)
Please email or call Lesley Rowland at firstname.lastname@example.org or 804-545-3034