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ERISA (Employee Retirement Income Security Act) and the requirements for employers is a critical compliance issue.
ERISA is a federal law that requires employers to abide by specific regulations concerning their health and welfare benefit plans. Although ERISA is not a new federal law, the Department of Labor (DOL) has a renewed interest in auditing employer groups offering health and welfare benefits plans due to the Affordable Care Act. In fact, the Department of Labor announced that within the next 3-5 years many of the companies providing a health and welfare benefit plan, regardless of size, will be audited by the DOL, which often triggers an IRS audit as well. The DOL has even hired 15,000 auditors to accomplish this task.
Failure to meet ERISA’s reporting and disclosure requirements could result in significant penalties and lawsuits for employers, with fines of $110 per day, per person, per violation.
We Can Help You Mitigate ERISA Risk and Get You In Compliance
Consulting for ACA, COBRA, Employee Benefits, Employee On-Boarding, ERISA, Human Resources, Payroll, Unemployment, & Workers' Comp in Aurora, DeKalb, Naperville, Orland Park, Oswego, Rockford, & Schaumburg