On compliance: Prevent ERISA problems

first_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr An audit—or penalties—could result if your CU doesn’t properly handle summary plan descriptions and other key documents.by: Ken Spencer, SPHR, MHRMWith the introduction of the Affordable Care Act, summary plan description requirements from the Employee Retirement Income Security Act are receiving new attention and increased enforcement likely to ensure compliance with ACA—and potentially find revenue to fund it through fines and penalties.The rules around summary plan descriptions apply to virtually all organizations, except governmental entities and churches, regardless of the number of employees or how many employees participate. And they are just one piece of what ERISA requires.It is worthwhile for credit unions to have compliant SPDs, as well as to comply with the rest of the act, because the Department of Labor’s Employee Benefits Services Administration routinely conducts audits of group health benefit plans. Companies selected for Department of Labor audits receive letters containing a list of documents the department would like to review, often information from three to six years back. continue reading »last_img

Leave a Reply

Your email address will not be published. Required fields are marked *

*
*