Keep Your Benefit Plans in Compliance
with Federal ERISA Guidelines
The federal Employee Retirement Income Security Act (ERISA) of 1974 applies to most employers who offer an employee welfare benefit plan, such as health insurance or a retirement plan. ERISA protects the interests of employee benefit plan participants and their beneficiaries. It requires employers to provide plan information to participating employees and establishes standards of conduct for plan managers and other fiduciaries. It ensures that plan funds are protected and that qualifying participants receive their benefits, even if a company goes bankrupt. ERISA subjects employers to certain administrative obligations in regards to their employee benefit plans. Failure to comply with ERISA’s requirements can result in possible Department of Labor enforcement actions and penalties, as well as employee lawsuits.
Complying with ERISA can be a hefty task. BSG offers services through third-party vendors to provide ERISA administrative services.
Learn more about ERISA from the Department of Labor.