ERISA Compliance Services*

Is Your Company in Compliance?

The Employee Retirement Income Security Act of 1974 (ERISA) contains a set of guidelines that govern employer-sponsored benefit plans. For many employers, those guidelines are nothing more than an impossible set of hoops to jump through, and often result in hefty fines.

The absence of an experienced professional who has the knowledge, qualifications, and time necessary to maintain your ERISA compliance is a common problem companies have. Anything less than a full-time employee dedicated to the documentation, maintenance, and distribution of ERISA paperwork can equate to undertaking unnecessary risk.

*Premier Consulting Partners group benefits division and are not affiliated with or employed by Equitable Advisors or Equitable Network. Any products or services they provide are offered entirely outside of Equitable Advisors or Equitable Network, regardless of their association with, and regardless of whether such offerings are made under, the Premier Consulting Partners name.

Common ERISA Violations

Failure to Distribute

Most individuals who are placed in charge of ERISA compliance have other administrative obligations within your organization. This may give them virtually no chance to disseminate ERISA paperwork and documentation to plan participants punctually. Both the employee responsible for distribution and their employer can be held accountable in the eyes of ERISA.

Improper Documentation

A Summary Plan Description must accurately and comprehensively tell employees what their benefits plan consists of and how it operates. This ranges from how benefit eligibility is calculated, to what their exact health insurance options are, and much more. Slight slipups or omissions can result in fines.

Mismanaging Service Providers

Plan administrators are responsible for selecting and monitoring service providers that can execute their benefit packages as dictated in the Summary Plan Description. Failure to follow the Summary Plan Description is a highly common violation.

Plans Subject to ERISA Compliance

Premier Consulting Partners provides ERISA compliance consulting and action strategies for the following employee benefit plans:

Medical, Surgical, Hospital or HMO Plans
Health Reimbursement Accounts (HRAs)
Health Flexible Spending Accounts (FSAs)
Dental Plans
Vision Plans
Prescription Drug Plans
Sickness, Accident and Disability Insurance

Life and AD&D Insurance
Employee Assistance Plans (EAPs)
Severance Pay Plans
Business Travel Accident Plans
Prepaid Legal Services
Unemployment Benefit Plans
Vacation Plans

Group products and services are not offered by or administered through Equitable Advisors or Equitable Network.

It’s Time to Comply

Avoid facing the steep fines and penalties that can result from non-compliant employee benefit and health and welfare packages.

Premier Consulting Partners digs deep into the benefit plans your company offers. We strive to understand every aspect of your benefit plans and uncover any potential red flags. By acting as an extension to your Human Resources team, we are able to become aware of anything that may require adjustments to keep you ERISA compliant.

Get in Compliance

Strive to Avoid Compliance Fines & Penalties