ERISA is one of those areas of HR administration that is probably not high on the list of most HR practitioners' favorite things to do. And, honestly, many simply don't have enough people to spend sufficient time on plan issues. The Department of Labor has recently hired more than 1,000 new employees to - you guessed it - make sure you are in compliance!
An increased chance of an audit means that HR departments need to confirm these things:
- The people running the plan know the plan document inside and out
- Plan operations must be in compliance with the plan document
- The plan document must be in compliance with laws and regulations -- all required amendments must be made.
Ask yourself these questions:
- Do you know if you offer ERISA health and welfare benefits to your employees?
- Do you have an ERISA plan document?
- Do you know what needs to be included in your ERISA plan document (known also as an ERISA wrap-document)?
Here's a link to the full article found in HREOnline.com. Should you have any questions regarding your ERISA compliance or anything regarding your health insurance or benefits packages, please contact knowledgebroker Jane Shevey.