CU Insurance Solutions has heard from several sources that the US Department of Labor is expected to audit the employee benefits plans of every group subject to ERISA in the next 5 years with a focus on groups under 50. ERISA is the Employee Retirement Income Security Act of 1974 but the name is deceptive. Much of what is required under ERISA guidelines relates to current employees.
The Employee Retirement Income Security Act
The Employee Retirement Income Security Act is a federal law that sets minimum standards for most voluntarily established pension and health plans in private industry to provide protection for individuals in these plans.
ERISA requires plans to provide participants with plan information regarding plan features and funding; provides fiduciary responsibilities for those who manage and control plan assets; requires plans to establish a grievance and appeals process for participants to get benefits from their plans; and gives participants the right to sue for benefits and breaches of fiduciary duty.
Our goal is to provide you with resources to meet your compliance needs. Contact us to learn more about our DOL Audit Guide and employee benefits compliance training resources.
As always, please let me know if you have any questions regarding the Affordable Care Act.
Account Manager, Employee Benefits
CU Insurance Solutions
Phone: 800-287-3379 x 312