Compliance
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what you need to know
ERISA Compliance
The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for voluntary pension and health care plans in the private industry in order to provide protection for the individuals in these plans. The ERISA law does not require that employers provide a benefits plan, but it does regulate the operations of such, and if an employer is audited and found to be non-compliant they will be issued hefty fines.
It is extremely important that companies take notice and get compliant with the ERISA law as the IRS is planning to audit every group health plan over the next few years. We cannot express enough, that the penalties for non-compliance are significant.
Our employee benefits brokers can provide you with the name of an organization with whom we partner that can help you become and stay compliant with the ERISA law for a very low monthly cost. The administrative service offers ERISA compliance, HIPAA compliance, Section 125 Plans, and much more. If you mention you were referred by Blue Chip Benefits, you will receive a 5% discount on the services purchased.
Healthcare Reform
There are many aspects of Healthcare Reform that can impact your business if you have more than 50 full time employees (FTE) or FTE equivalents. Penalties for not offering a major medical health plan that meets minimal essential coverage and minimal value are significant and can have a huge financial impact on your business. Blue Chip Benefits can help you identify your risk and assist you when building a benefits plan.