The Employee Retirement Income Security Act of 1974 (“ERISA”) created document, disclosure and filing requirements for many employee benefit plans, including health plans. The Agency can assist your Human Resources team with ERISA compliance by advising on and assisting with:

+Documentary Requirements—ERISA requires that employee benefit plans must be administered according to a guiding plan document that is compliant with the law. Our team can assist yours with developing and maintaining compliance with ERISA’s documentary requirements.

+Disclosure Requirements—ERISA also requires that every employee be provided with a summary plan description (“SPD”) which meets specific requirements. In our experience, very few health plan SPDs fully comply with ERISA, and many health plans do not have SPDs at all. We have contracted with our attorney* to develop a template SPD that meets current ERISA requirements, and that we commit to keeping up-to-date as legal requirements change. We will customize the document to your organization’s needs and provide it as part of our service.

+Filing Requirements—If you have 100+ enrollees in your benefits plans, ERISA requires you to file a form 5500 for EACH plan, unless you have a so-called “wrap document” in place. Also known as “umbrella documents,” these plans consolidate your employee benefit plans into one large benefit plan for filing purposes, saving your organization valuable time and money every year. The Agency provides a complimentary wrap document to plans that qualify, that will enable your organization to file a single 5500 for all plans. We also have a strategic partnership with an experienced CPA who will prepare the 5500 at a discounted rate.