Administering Employee Benefits

Gain a comprehensive understanding of ERISA, which sets minimum standards for most voluntarily established retirement and health plans in private industry to provide protection for individuals in these plans.

Review your company's current employee benefits plan to ensure it meets ERISA's standards, including funding, vesting, eligibility, and fiduciary responsibilities.

Provide plan participants with detailed information about plan features and funding, as required by ERISA. This typically includes a summary plan description (SPD).

Act as a fiduciary, meaning you must manage the plan solely in the interest of the participants and their beneficiaries with the exclusive purpose of providing benefits and paying plan expenses.

File annual reports with the federal government to satisfy ERISA's reporting requirements, using forms such as the Form 5500.

Perform regular audits to ensure ERISA compliance, particularly if your plan is subject to the annual audit requirement, typically for plans with 100 or more participants.

Train your human resources team and plan administrators on ERISA compliance to ensure they understand their roles and responsibilities.

Establish and maintain a fair and reasonable claims procedure for participants to receive their benefits. Inform participants of this procedure through the plan’s documents.

Regularly update your policies and plan documents to stay in compliance with changes in ERISA guidelines and other federal laws impacting employee benefits.

Ensure that all participants have valid beneficiary designations on file and that the designations are periodically reviewed and updated if necessary.

Consider consulting with an ERISA lawyer or compliance specialist to navigate complex aspects of ERISA and align your benefits plan with current regulations.

Maintain clear and consistent communication with employees about their benefits to promote transparency and reduce misunderstandings about the benefits plan.