ERISA (Employee Retirement Income Security Act) is a federal law that regulates
group sponsored benefits. Employers face strict deadlines for disclosing
to all employees, and all Plan Sponsors must follow a rigid fiduciary code of conduct.
You may be at risk and not even know it!
Must have a written Wrap Document in place for each benefit Plan offered to one or more employee. Must include ERISA plan numbers.
Summary Plan Description (SPD)
All participating employees must receive a copy of the SPD with 90 days of Plan enrollment. New Plans require distribution within 120 days after the benefit becomes subject to ERISA.
Summary Benefits and Coverage (SBC)
Group Health Plans are required to use standards in compiling and providing an SBC that accurately describes the benefits and coverage under the applicable plan or
Summary of Material Modification (SMM)
When there is a material change to any benefit Plan, all participating employees must receive a copy of the SMM within 120 days after the Plan Year-End in which
the changed occurred.
IRS Form 5500
You must file a Form 5500 with applicable schedules every Plan year for each Plan where you have 100+ participating employees. The Form must be filed within 7 months after the Plan Year-End .
ERISA and ACA Reform Notices
The Affordable Care Act (ACA) requires annual notices to eligible employees based upon the status of any new or renewed Group Health Plan. These Notices must be provided to all eligible employees on or prior to the first day of the Group Health Plan effective date.