ERISA Compliance Today!

Did you know that EVERY business, literally, has to have a Summary Plan Description or SPD/Wrap Document, and that all participants must be sent a Wrap/SPD document by March 31, 2023?  These plans include: health, life, dental, vision, LTD/STD.  myHRcounsel has you covered with all things ERISA, and two options to be in legal compliance with the law.  Additionally, this month we are hosting a three-part webinar series to cover all things ERISA!  Register below.

Learn all things ERISA in our three-part webinar series.  Each webinar will be about 15-20 minutes law, incorporating the history of the law, the law itself, compliance, SPD’s and the Form 5500.  If you missed the first part, you won’t be lost for part 2 and 3.  

What is ERISA?

The Employment Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for most voluntarily established pension and health plans in private industry to provide protection from individuals in these plans. ERISA is governed by the U.S. Department of Labor and enforced by the Employee Benefits Security Administration (EBSA). It is almost guaranteed you or yours clients (brokers) are not in ERISA compliance – and that going to be a costly error if not corrected quickly!

Why are so many employers out of compliance?

  • Overall lack of awareness in marketplace
  •  Carrier Documents thought to be compliant
  • Confusion due to a complexity of the regulations
  • Prior limited enforcement

Becoming Compliant

  • An employer with a welfare benefit plan is required to provide participants a Summary Plan Description/Wrap Document within 90 days of the start of coverage
  • If modifications or reductions in benefits are made in a plan year, an employer is required to send participants legal notices
  • All employees eligible to enroll in group health plans need to receive a HIPAA notice before enrolling in the plan
  • Many other life changes trigger notices that ERISA requires employers to send legal notices to plan participants

Our ERISA Offerings

  • $140.00/mo Flat Fee; $220.00/mo Flat Fee with (1) IRS Form 5500 included ($750 per additional 5500)
  • For Health and Welfare plans:
  • Legally prepared Premium documents in the ERISA Dynamic Compliance Calendar
  • Legally completed SPD/Wrap & POP documents (Health & Welfare plans)
  • Unlimited access to ERISA attorneys & Access to complete library of required ERISA plan notices
  • $5M ERISA Service Guarantee
  • $425.00 per year
  • For Health and Welfare plans:
  • (1) Legally completed SPD/Wrap document (Health & Welfare plans)
  • Access to complete library of required ERISA plan notices
  • Access to complete library of ERISA documents (SMM’s, SAR’s, etc.)
  • Access to employment and ERISA law checklists & updates
  • $5M ERISA Service Guarantee
IRS Form 5500 Preparation & FiIing
  • $795 per company per 5500
  • $550 for each additional Form 5500
  • Attorney drafted & submitted
  • Consultation on late filing issues, unfiled returns.
POP Document (Premium Only Plan)
  • $149 per Document