ERISA stands for the Employee Retirement Income Security Act. It is a federal law that covers the administrative aspects of employee benefit and retirement plans. Employers who offer employee welfare benefit plans are subject to its provisions. Your ERISA obligations may be managed by your benefits administrator or insurance company.
ERISA covers a wide variety of employee welfare benefit plans. Benefits covered by ERISA include any plan that an employer maintains to provide:
Plan administrators do most of the work regarding compliance when it comes to ERISA requirements. You may not have to do much of anything unless you are acting as your own plan administrator. In many cases, your insurance company acts as the plan administrator and takes care of the obligations. But it is still important to know the requirements so that you can make sure that your business is meeting ERISA obligations. The three main components of ERISA compliance are reporting, disclosure and paying claims. The following are the main features:
You most likely have to complete the IRS and Department of Labor forms. Some of these forms include:
Ensuring ERISA compliance can be complicated, especially if you were to file a claim against an employer for an ERISA violation. Likewise, employers who are facing a claim for an ERISA violation may have to deal with a complicated process. Either way, you may want to consult an experienced employment law attorney to determine ERISA compliance.
Last Modified: 12-26-2017 11:41 PM PSTLaw Library Disclaimer
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