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What is ERISA?
The Employee Retirement Income Security Act (ERISA) is a federal law that sets minimum standards for most group insurance and retirement plans.
The Employee Benefits Security Administration (EBSA) regularly conducts audits of benefit plans to investigate the plans and ensure compliance.
Employers must maintain accurate records relating to their employee benefit plans. Under Section 107 of ERISA, all records related to government filings are to be retained and kept available for examination for a minimum of six years after the filing date.
Compliance with ERISA and related laws is extremely complex. To make matters worse, Congress amends ERISA and other benefit-related laws and the courts issue new decisions interpreting these laws nearly every year.
According to a Department of Labor, 65% of EBSA civil investigations result in monetary recovery or other corrective action.
ERISA compliance does not have to be confusing. While there are a lot of requirements, ERISA Solutions can harness much of the burden.
ERISA Solutions provides a web-based Summary Plan Description (SPD) Wrap documents service that allows clients and their broker to easily create, store and update summary plan description documents, as needed.
With the SPD Wrap, it creates one document and overall SPD required for all health and welfare benefits such as medical, dental, life, disability, FSA, etc.