Employers, Do You Know The Rules??
As an ERISA Plan Administrator (most private sector employers fall under ERISA law), you have the responsibility to comply with Federal Laws that govern your plan. No matter who else you may hire to administer your plan, your Company is solely responsible to make sure things are done correctly. As an employer offering benefits to your employees, there are many rules that you must comply with regarding the administration of employee benefit plans. Below are some of the rules you must be careful to comply with in under law:
- Make sure you define – in writing in an employee handbook- the definitions of eligible employees and dependents. For example, do you only offer benefits to full time employees over 40 hours per week? However you define eligibles, make sure you are consistent in benefits that you offer and monitor to make sure you remain consistent. Make sure you also define leave policies and waiting periods as well.
- Make sure your plan complies with benefits mandate by state law and health care reforms.
- Benefit and eligibility information must be provided to eligible participants or be made available at their request.
- Make sure you file all necessary plan documents, such as 5500 reports.
Please remember that failure to follow the rules can be costly. For example, the fine for failure to file the 5500 report is $1,000 PER DAY.
If we may be of any assistance to you or can help you organize a compliance process, please contact Gary Whiddon at (888)474-6627.
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