Is your company satisfying its ERISA compliance requirements?
While HR compliance discussions often center on the Affordable Care Act, COBRA, FMLA, and HIPAA, recent actions by the Department of Labor should cause employers to look a bit more closely at their responsibilities under ERISA.
In fact, these statistics regarding employee complaints and DOL audits may catch your attention:
- In 2013, the DOL’s Employee Benefits Security Administration handled more than 236,000 employee complaints about their benefit plans, some of which triggered DOL audits
- EBSA achieved over $1.6 Billion in total monetary results in Fiscal Year 2013
- Failure to follow the ERISA rule of providing an SPD or Plan Document within 30 days of receiving a request from a plan participant or beneficiary can result in a penalty of up to $110/day per participant or beneficiary for each violation
A Solution For Employers
To help employers receive protection, minimize risk against potential audits, and achieve compliance, we are happy to provide our WrapDoc 360 solution.
Through this service, we provide two key items to companies both small and large to help them achieve ERISA compliance:
- Customized Wrap SPD and Wrap Plan Document that provide the required ERISA provisions and information that help companies achieve compliance
- Distribution guidelines that explain how and when to provide these compliance documents to plan participants
Is your company meeting its compliance obligations?
Does it have the necessary documents in place in case an employee complaint or DOL audit arose?
To learn more about this service and how CBG Benefits can help your organization, please contact our team at 781-759-1222 or via email at info@CBGBenefits.com.