According to the Employee Retirement Income Security Act (ERISA), all employees under a welfare benefit plan are protected and consistently informed of any news, information or research performed. They also set the standards for employee benefit plans. The requirements set defined by the federal law cover all administrative aspects of retirement and employee benefit plans.
Even if you go through an insurance broker for your company’s health and employee benefit plans, it’s a good idea to have an understanding of the requirements held by ERISA as well as the benefits they cover.
If you are under an insurance contract, you are obligated to distribute plan information to all employees. This information must be given by the time the plan goes into effect or during an employee’s orientation. Always be sure that your insurance broker or agent is in compliance with the ERISA requirements.
We’re ready to help! Call today: 800-903-6066