ERISA Obligation and Reporting
The Employee Retirement Security Act, called ERISA, took effect in 1974 to regulate health and retirement plans that private-sector employers voluntarily offer their staff. As plan administrators under ERISA, employers, must disclose the plan’s terms to their employees, and are liable to lawsuits and penalties when they fail to follow the standards the federal act established.
Most employer and multiemployer sponsored health and welfare plans are covered under ERISA. This is true whether the plans are large or small, fully insured or self-insured, although certain obligations may vary according to the size and type of plan.
Employers assume various roles under ERISA (whether named or by default) and should be aware of what plans ERISA covers and the associated compliance responsibilities and obligations.
A short list of Items that fall under an Employers responsibility (fuduciary):
- Form 5500 and Other Filings
- Summary Plan Description (SPD)
- Annual Summary of Material Modifications (SMM) if needed
- Plan Disclosure
- COBRA
- HIPAA
- Qualified Medical Child Support Orders
ERISA fiduciaries that breach their duties can be personally liable for damages and DOL penalties imposed as a result of the breach.
Our Advisors and Partners will keep you and your plan in compliance. You will have access to additional detail information through our HR and Compliance technology.