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by BC2

How ERISA Benefits Compliance Consultants Will Help Your Business

There are many law and accounting firms that will claim to provide the best assistance in ERISA compliance. Of course, it’s always disappointing when you receive a letter describing your non-compliance state as well as hefty fines for each employee. With the experienced and best ERISA benefits compliance consultants, you can avoid any of these costly surprises. You need consultants who can build a strong relationship with your business and provide exceptional knowledge and expertise in everything related to ERISA compliance.

You should find benefits compliance consultants with proven results, prior experience and guarantee a position of overall compliance. That way, you can always stay ahead of the Federal fines that might be imposed on you because of non-compliance. With the best ERISA consultants, you can always avoid the hassle of collecting the necessary paperwork or data and also keep the business operations running without any interruptions. Remember, there should be a process already in place to ensure that all the relevant compliance paperwork is completed and stored properly for easy access by the necessary parties.

As your ERISA compliance consultants we would set up the process effortlessly. That way, it can work in tandem with the scope of your business without any interruptions. If you run a business that’s successful enough to hire employees, you’re on the right track but you need to invest in your employees accordingly. You need to be in compliance with the Federal and local state regulations and laws. Here’s what you need to know about ERISA compliance to make sure your business hasn’t broken any rules.

What Is ERISA?

Created in 1974, ERISA stands for Employee Retirement Income Security Act. It is a Federal law detailing the type of information that should be filed and collected for employees to receivebenefits. The law has stated the minimum amount for voluntary pension as well as the health plans that should be used in the private sector. The Act provides enough protection for individual employees who are covered in such plans. Of course, it’s important to adhere to federal laws to avoid hefty fines but there are many more reasons why ERISA compliance is important.

For instance, it’s a good way to show respect to all the employees who play an important role in your business. Keep in mind that these people always commit their time and lives to the success of your business. According to the law, the management needs to compile proper paperwork of all the employees receiving the benefits. Most of the benefits included in the act include health insurance, retirement, welfare and much more.

The ERISA Act provides the relevant requirements for employers on how to handle their employees’ benefits. ERISA consultants teach your HR department everything there is to know regarding the legal requirements covering the act to guarantee compliance. Keep in mind that welfare plans for employees cover everything from disability, accident, death, medical, hospital access, surgical and accident benefits.

It’s quite often to forget that unemployment insurance benefits are facilitated through employer contributions that are administered through payroll assignments. The ERISA plan is also part of unemployment in relation to taxation of the employer and new hire forms. It also touches other areas such as days off, scholarships, legal services, training plans, severance, daycare and retirement programs.

ERISA consultants will describe in detail how the employer coverage plans actually work. There are many forms that should be filled and also making annual reports to the IRS, retirement plans and health funds. Therefore, you need to take enough time to find the best consultants for your ERISA compliance needs to make sure everything is being done right.

Is Your Business ERISA Compliant And Legally Prepared for 2018?

Call Us Today At (515) 244-2424 to learn more or set up service.

Or You Can Request A Quote For Services We Provide With Accuracy Below.

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by BC2

End of Year ERISA Benefits Compliance For Your Business

Is your business  prepared and setup properly for a prosperous and compliant new year?

Many of us tend to approach the start of a new year with a degree of optimism in mind. When we own a business, however, the new year can be something to look forward to but the end of the year can be a stressful time that is full of uncertainty. To be certain, taking care of things at the end of the year as far as benefits and compliance are concerned is vitally important. Not only does it help you to your wrap the previous year up nicely, it allows you look forward to the new year with a renewed sense of vigor.

One of the factors that need to be considered in this regard is to get your business compliance ready for the year’s end. At times, this may require that you get a workers compensation policy and if that is the case, you need to consider many different factors that are going to affect how that policy is handled in the coming year. For example, how often are you going to pay and what is the expiration date with your current carrier? You also need to consider the worker’s comp claims that may have happened in the recent past as well as some information about the business and the owner of the business as well. These are all factors that can make a difference and they are part of a simple checklist to get your company compliance ready.

Other factors that need to be considered very carefully are the benefits and these need to be compiled and put together by the end of the calendar year. In some cases, notices may need to be distributed to employees from the insurance health marketplace. This is something that needs to be done in order to keep you in compliance and to avoid any problems that could occur as a result of not sending out that notice. In addition, there may be health insurance benefits that are available for certain employees and notice may be given to them within a certain amount of time they become eligible.

There are many other factors that can help to get your benefits ready for the end of the year but they really depend on what type of benefits you are offering. If you have a retirement plan in place for your employees and perhaps you are vesting some of the money that they are donating, you may need to consider the eligibility for some of your employees for the retirement plan. They may want to get on board with the new year and they should be informed they are now eligible.

Health insurance is also a very big factor that needs to be considered, especially with some of the major changes that took place in recent years. Many employers are going to need to provide health insurance for their employees or at the very least, they are going to have to provide the opportunity for the insurance to be accepted under group rates. This may require that you crunch the numbers, including figuring out how many full-time employees you currently have because that can make a difference in your need to participate in the health insurance program.

When there are health insurance options available, it is necessary for you to notify any full-time employees that you have on staff that they may be eligible for insurance coverage. Included in that number is anyone who may have been hired in the past year as well as part-time employees who have come on board as a full-time employee. In some cases, you may even qualify for tax credits if you have enough full-time employees that are eligible and taking advantage of the health insurance program.

Does your company offer any benefits in the way of sick time, personal time or vacation time? These are also factors that should be reviewed at the end of the year and any necessary notification should be sent out. Deferred compensation may also be a factor that needs to be considered during this time.

Of course, each business is going to have different options when it comes to reviewing and compiling information for benefits compliance. Some businesses may be relatively small or they may not offer options that would really put them in the line of fire as far as this is concerned. Other businesses, however, hire a lot of employees and in doing so, it is necessary for them to do the paperwork at the end of the year.

Keeping up with paperwork can be difficult but it is a necessity if you want your business to operate smoothly. Take the time to do it now at the end of the year and you will find that the new year goes along much better as a result of your efforts.

Is Your Business ERISA Compliant And Legally Prepared for 2018?

Call Us Today At (515) 244-2424 to learn more or set up service.

Or You Can Request A Quote For Services We Provide With Accuracy Below.

benefit consultants group

by BC2

What Our ERISA Compliance Business Will Do For Your Company

Bc2 specialize in ERISA compliance and Form 5500 preparation.

Many accounting and law firms claim to be able to support your company in its efforts to be compliant. And, then the surprise letter arrives in the mail citing non-compliance and assessing thousands of dollars in fines for every employee affected by such transgressions.

Our ERISA compliance business will save you from extremely costly business-breaking surprises. We not only build a relationship with your company, but we provide a sturdy knowledge base that demonstrates expertise in all things ERISA compliance.

We even have proven client experience to show that we put you in the position to truly be compliant. This is one time to be ahead of the eight ball. No one wants to raise eyebrows at the Federal level. It is just another hassle and would cost a lot in pulling paperwork out of storage, off of old drives, while detracting resources from your business’s bread and butter: daily operations.

It is best to have a process in place that ensures all paperwork to be in compliance is completed and stored for easy access by HR. Our ERISA compliance business will set up such a process with you to ensure that it works within the scope of how your business already functions.

Congratulations if you own a business that is successful enough to hire on employees. Now, get ready to invest in them, according to the Federal laws and regulations, and local state laws as well. The Federal government’s ERISA is the topic here.

What Is ERISA?
The Employee Retirement Income Security Act of 1974 is also known as ERISA. It is actually a Federal law that on what types of information needs to be collected and filed away for employees who are going to receive benefits. It sets the bar for the minimum voluntarily pension, for instance, as well as for health plans for use within the private sector. In essence, ERISA provides protection for the individual employees who are parked in such plans.

Why Is ERISA Important?
While it is important to follow Federal laws to avoid costly fines, there are more compelling reasons to follow ERISA. For one, it is out of respect for the very people who contribute to your company, committing their time and lives to your success, essentially.

What Our ERISA Compliance Business Will Do For You
ERISA puts the obligation for administrative management of employee benefit plan paperwork on the employer who is providing such benefits. It includes plans such as retirement, health insurance, welfare and other benefits management. In other words, yes, ERISA makes requirements on employers about the way the benefits are managed.

As a compliance service provider, we ensure your company’s HR understand the legal requirements. This allows the HR team to adhere to ERISA properly. In addition, we recommend having HR management oversight to ensure that ERISA requirements are met.

What Does ERISA Cover?
As it turns out ERISA encompasses many different programs or welfare plans. In this case welfare plans refer to any funds, plans, or programs that give employees’s access to disability, death, and accident benefits, along with surgical, medical, surgical, and hospital access.

What many people forget is that unemployment insurance benefits are actually provided through contributions made by employers and administered through accurate payroll assignments by the employer on behalf of its individual employees. ERISA is very much connected to unemployment through new hire forms and taxation of the employer.

Other surprising areas touch by ERISA even include scholarships, days off, training plans, legal services, daycare, severance, and of course retirement programs.

ERISA Components
Reporting by administrators to the DOL and IRS simply means describing in summary how the employer’s coverage works.

ERISA Forms And Disclosure
Filing forms is a big part of the deal with ERISA. It requires annual reporting to the IRS on Form 5500/5500-SF. DOL welfare plan forms are required if there are more than 100 participants with full benefits. Other forms required by the IRS for retirement plans are not required to be filed at the same time as welfare plan forms.

Companies are under a lot of pressure to focus on their bottom line and in growing revenue. Turn to professionals like us to ensure ERISA compliance.