ERISA…It’s the Law!
Many employers feel lost on the road to understanding the Employee Retirement Income Security Act (ERISA), and how it impacts business and employees, as well as the possible risks it presents. In the Past Year the Department of Labor (DOL) has substantially increased the number of agents to investigate ERISA compliance. The DOL sees the violations of ERISA as being a large revenue generation activity.
ERISA is a federal law that regulates Group-sponsored benefits (also called “welfare benefit plans”). Besides requiring the provision of specific Plan features and funding information, the law mandates employers to submit detailed reports to the government.
Employers face strict deadlines for disclosing Plan information to all eligible employees and all sponsors who administer ERISA plans must follow a strict fiduciary code of conduct.
You may be at risk without knowing it. Failure to comply with ERISA’s requirements can mean costly government penalties, even employee lawsuits.
Let G&G and Associates guide you down this complicated path.
Contact us to find out how to make sure you are protected.