ERISA
Essentials

If it applies to you…we take care of it!

Features that benefit you:

Customized Compliance Manual

ERISA Docs (Wrap SPD, Model Notices, SMM, 5500 Filing)

24/7 Secure Online ERISA Portal

Certified Compliance Experts

Auto-Calendar for Compliance Milestones

Custom Plan Year Notifications

The ACA added to the already overwhelming amount of mandatory notices and documents required for employers to remain compliant. The Employee Retirement Income Security Act (ERISA) is no exception to this trend, presenting further challenges to employers in remaining compliant with federal and state laws.

Noncompliance is expensive

Enforcer

The DOL’s Employee Benefits Security Administration (EBSA) is responsible for ensuring adherence to the employee benefit plan system in the United States.
The EBSA substantially increased their enforcement of ERISA audits throughout the U.S. in the last few years and shows no plans of slowing down.

Penalties

Typically, employers who are not in compliance are subject to fines that could range from $110 per day to over $1,000 per day.
These monetary penalties enforced by the EBSA further underlining the importance for employers to administer a fair, consistent and effective ERISA program to their employees.

Best-in-class service

ERISA specialists available for all ERISA clients
Our team of experts include a Certified Health Care Reform Specialist (CHRS), Senior Professional in Human Resources (SPHR®), and an Attorney
Average hold time is fewer than 60 seconds
Employers can access their ERISA documents 24/7 through our secure cloud-based portal

ERISA Compliance

Employers with 1-99 employees:

All employers who offer Group Welfare Benefits to their employees are required to provide a Plan Document and Summary Plan Descriptions (SPDs)
ERISA requires that plans provide a Summary of Material Modification (SMM) to plan participants when there is a material modification to the plan itself, or there is a change to the information that is required to be provided in the Summary Plan Description (SPD)
Employers are required to give employees a variety of ERISA/ PPACA related notices concerning their rights and responsibilities

Employers with 100+ employees:

All of the requirements for under 1oo employees PLUS
Form 5500 Preparation for most employers with 100 or more participants on the first day of the plan year in a Welfare Benefit Plan as defined by ERISA
Such health and welfare benefit plans may include: health, dental, vision, life insurance, short-term and long-term disability and health FSA plans
DOL’s Delinquent 5500 Filer Voluntary Compliance Program (DFVC) allows late-filing administrators to voluntarily bring plan into compliance at reduced penalties

Test your ERISA Comliance Knowledge

Take the Employer Quiz to See if Your Company is Compliant with the ERISA Requirements!

Wrap SPD

Summary Plan Descriptions (SPD) are required for all group welfare benefits with one or more participants
Benefits subject to ERISA: Medical, Rx, Dental, Vision, HRAs, EAPs, STD, LTD, Group term life insurance, AD&D, and Medical FSA
SPD supplements or “wrap” documents provided by insurers and third-party administrators usually do not fulfill ERISA requirements
SPDs include all the required ERISA plan documents, provisions, and language to ensure compliance
A “Mega-Wrap” SPD wraps two or more ERISA group welfare benefits into one set of plan documents
A “Mega-Wrap” SPD simplifies the reporting process and allows one Form 5500 to be filed for all plans within the mega-wrap

BASIC ERISA Essential ensures your company is

compliant with all ERISA regulations!

All your ERISA compliance documents are securely stored in BASIC’s Customized Client Portal
The portal also includes a customized compliance calendar detailing all your ERISA compliance milestones

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