ERISA compliance

Dec 14, 2018

  1. Linz
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    Linz New Member

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    State:
    California
    How do you ensure your groups are ERISA compliant?
    How do you deliver/present the information?

    Do you refer them to a third party?

    Newer agent trying to figure out the best way to go about compliance.
     
    Linz, Dec 14, 2018
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  2. JamesP
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    JamesP New Member

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    State:
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    Tasc I believe does compliance, ie wrap documents, ERISA reviews, and fringe benefit administration,
    Ike COBRA, FSA admin. Also, Employee Benefit Corp. and compliance dashboard is a good one for groups. They can purchase it, I believe 1000 annually and it does a review and sets a calendar for important updates.
     
    JamesP, Dec 17, 2018
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  3. leevena
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    leevena Guru

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    I can only comment on health, I do not do retirement. If you have insured plans, the carrier is the plan administrator, and as such is responsible for the majority of compliance issues, i.e., reporting, disclosure, and paying claims. The employer is responsible for distribution of plan information to employees. If your plans are self-funded, it is the responsibility of the plan administrator. One of the issues when self-funding is identifying the administrator and verifying they have the systems/procedures in place to do the job.

    Either way, I would strongly suggest you learn more about the specifics because it will help to differentiate yourself from competitors.
     
    leevena, Dec 18, 2018
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