ERISA: Employee Retirement Income Security Act
The primary responsibility of ERISA is to ensure the integrity and compliance of the private employee benefit plan system in the United States. Employer groups of all sizes (i.e. 1 employee and up) are responsible for ERISA compliance on behalf of their employees unless they are exempt under 501 (a) as a qualified Governmental entity. Although ERISA compliance is the responsibility of the employer, statistics have shown that approximately 90% - 95% of employers have at least one violation of ERISA regulations. This is primarily due to the overall lack of awareness, the assumption that the documentation provided by the carrier is compliant, general confusion due to the complexity of regulations, and the limited enforcement on behalf of the US Department of Labor (DOL).
With the introduction of the Patient Protection and Affordable Care Act (PPACA), we know that the Internal Revenue Service will hiring between 10,000 and 14,000 additional IRS agents to enforce PPACA regulations in addition to the current ERISA regulations. This may result in a substantial increase in overall regulatory enforcement by the US Department of Labor. Failure to comply with the ERISA/PPACA/DOL regulations can result in fines exceeding $100,000
The professionals at Altruis Benefit Consulting have identified ERISA/PPACA/DOL
regulatory compliance as a critical component in the overall benefit administration of our clients. We have researched the compliance process in detail and created a strategic partnership with TASC, a Third Party Administrator, to handle all regulatory compliance for our valued clients. TASC provides a dedicated team to your business to oversee, prepare, and administer all regulatory compliant documentation to ensure that you are not exposed to any undue fines from the US Department of Labor.
If you are concerned about ERISA compliance and require assistance please contact us to discuss the benefits of this service - it may very well be the best money you spend!