ERISA Retirement and Health Plan Compliance: Who Qualifies and What You Get
Learn how employers can meet federal standards for managing employee retirement and health benefit plans to ensure compliance.
This scheme sets the federal standards for how employers must manage and oversee employee benefit plans.
Who it's for
This applies to employers who offer benefit plans, such as health insurance or retirement plans, to their employees.
What you get
You receive a clear set of standards regarding fiduciary responsibility. These rules help ensure that those managing the plans act in the best interest of the people covered by them.
What it costs you
To remain compliant, you must complete and submit an annual filing known as Form 5500.
The catch to know
A common mistake is failing to provide Summary Plan Descriptions to your employees. These documents are necessary to explain the details of the benefits to those covered by the plan.
How to apply
- Review your current employee benefit plans to confirm they fall under these standards.
- Ensure all staff members have access to their Summary Plan Descriptions.
- Complete the required annual filings to maintain your standing.
- Visit the official portal for more details: https://www.dol.gov/agencies/ebsa