With the ever-changing landscape of health insurance today, many of us find it hard to keep up. As an insurance broker, it is my job to stay abreast of these changes and assist my clients in also staying up-to-date as well.
In a recent survey, one law that most smaller employers are totally unaware of is the requirements mandated under Employer Retirement Income Securities Act (ERISA). Many employers have ignored the requirements of ERISA because they are under the impression that it only applies to retirement plans. We have news for you, it applies to the offering of employee benefit plans, such as health, dental, vision, life, disability income and any voluntary benefits being offered to employees.
If you don’t know what the mandated requirements of ERISA are, you should. If you are ever audited, (and I will hasten to add, that it is not if you will be audited, but when) the fines will be in the thousands of dollars.
Call us and we can assist you with your ERISA compliance. The fees (scaled to the number of employees you have) to become compliant are a drop in the bucket compared to the penalties for noncompliance.
For more information on group health insurance and ERISA mandates contact David K Stewart at 480-981-6338 or firstname.lastname@example.org