ERISA Compliance Evaluation
The Employee Retirement Income Security Act (ERISA) is a federal law enacted in 1974 that sets minimum protection standards for individuals participating in most employer-sponsored group health and benefit plans. Employers that sponsor ERISA group plans must comply with these set standards or open themselves to potential plan disqualification and/or penalties. For many years, the enforcement of these set standards lacked and noncompliance became the norm.
Times have changed though, in large part due to The Affordable Care Act. The Employee Benefits Security Administration (EBSA) of the Department of Labor (DOL) has been tasked to ensure the integrity of the private employee benefit plan system. As a result, noncompliance now equals fines! In fact, EBSA’s audits resulted in a total of 1.6 billion in monetary collections in 2013, which makes it critical for employers to get there house in order sooner than later!
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