ERISA
The Employee Benefit Security Administration (EBSA), a division within the U.S. Department of Labor (DOL), recently published a Cybersecurity Program Best Practices document for employer plans subject to the Employee Retirement Income Security Act of 1974 (ERISA).
As we approach the new year, it is important that employers and benefit advisors not forgot some of the reporting obligations that come along with offering group health plans and other employee benefit programs.
Here are four reporting reminders:
Tis the season where open enrollments are occurring throughout the country. Employees are generally offered an array of benefits to choose from by their employer. This includes, but is not limited to, health insurance, dental insurance, vision insurance, Flexible Spending Accounts (FSAs), and more. It’s the most wonderful time of the year; however, employers need to make sure they comply with a very simple, but important rule.
The regulatory agencies have been busy issuing guidance these last several weeks. Here are some important updates in case you missed them:
The Employee Retirement Income Security Act of 1974 (ERISA) requires employers to provide a Summary Plan Description (SPD) to employees if they offer health, dental, vision, life, disability or other benefits.
ERISA Section 607 defines the term group health plan as an employee welfare benefit plan providing “medical care” to participants or beneficiaries:
- Providing participants with important information in writing about plan features and funding.
- Establishing an appeal and grievance process for participants to receive benefits from the plan.
- Providing participants with important information in writing about plan features and funding.
- Establishing an appeals and grievance process for participants to receive benefits from the plan.
- Providing fiduciary responsibilities for those who manage and control plan assets.
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