COMPLIANCE
What compliance services does COBRA Allies offer?
The Employee Retirement Income Security Act, known as ERISA, was designed to protect individuals enrolled in pension and health plans provided by their employers. The law requires that plans meet basic minimum standards. We are here to support you with Wrap plan documents and Summary Plan Descriptions (SPDs), form 5500s, as well as premium-only-plan (POP) documents and SPDs.
How you can rely on us as your Compliance Ally?
The importance of preparing plan summaries that comply with all ERISA requirements cannot be overstated.
Wrap Documents which meet ERISA plan documentation requirements have the additional benefit of enabling the employer to file a single Form 5500, rather than a form per plan, saving time and money.
Let us ensure your plan documents meet all government requirements and related forms are filed timely and accurately.
Have a question, need a proposal?
Local: 315-515-5192 service@cobraallies.com
ABOUT COMPLIANCE
How does non-compliance impact you as an employer?
The DOL and IRS assign fines and possible civil or criminal penalties:
- Non-compliance with ERISA regulations
- Insufficient 5500 filing
- Failure to provide SPDs
About Compliance
What compliance services does COBRA Allies offer?
Wrap Documents and Summary Plan Descriptions (SPDs)
are legally required for employers of any size that offer their employees a group health plan. The Plan administrator is legally obligated to provide an SPD to all plan participants timely and free of charge.
Premium-only-plans
sponsored by employers allow employees to take pretax deduction to play their health, dental, and vision premiums. POPs also require plan documents and an SPD.
Form 5500 for Employee Benefit Plans
is required by the IRS and DOL when you have 100 or more participants in your group health plan at the beginning of the plan year. Form 5500 must be annually filed electronically.
Still have more Questions?
If you have any more questions after reading through the available resources, please contact us here.
