Employee Benefit Plan Requirements

Top rated Wichita group health insurance and employee benefit broker

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.

Benefits Covered by ERISA

  • medical, surgical, or hospital care
  • benefits for sickness, accident, disability, or death
  • unemployment benefits
  • vacation benefits
  • apprenticeship and training programs
  • day care centers
  • scholarship funds
  • prepaid legal services
  • holiday or severance pay
  • retirement plans
  • Dial 800-903-6066 and get free consultation on Employee Benefit Plan Requirements

    Administrative Requirements Set and Regulated by ERISA

  • Plan administrators are required to file specific informational returns. These must be filed with the Department of Labor and the IRS. When filed, a summary plan and description of the coverage levels and claim procedures in the plan.
  • Plan administrators are required to share information with individuals covered by the plan. Administrators are also required to report to the Department of Labor upon request. Participants will receive a wide range of information on coverage levels and financial information.
  • Welfare plans covered by ERISA must establish a claims procedure to process claims for benefits. When a participant is denied benefits, the plan is to provide further information to that participant.
  • 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.

    Written by Todd Taylor

    Todd Taylor

    Todd Taylor oversees most of the marketing and client administration for the agency with help of an incredible team. Todd is a seasoned benefits insurance broker with over 35 years of industry experience. As the Founder and CEO of Taylor Benefits Insurance Agency, Inc., he provides strategic consultations and high-quality support to ensure his clients’ competitive position in the market.

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