Offering a vacation plan, sick time or holiday pay could mean your business has to follow these same federal ERISA requirements.
You probably heard of ERISA – the Employee Retirement Income Security Act of 1974. It’s the federal law regulating most group retirement and health plans. Did you know it extends to many other employer-sponsored benefits as well? Small and medium businesses may still have to follow ERISA requirements for their other group-sponsored benefit Plans, including:
- Dental and Vision
- Severance Pay
- Unemployment Benefits
There continues to be certain exceptions for self-insured and voluntary plans. However, there are firm criteria for each of these exemptions that should be looked at carefully.
If your Plans fall under ERISA, there are certain reporting requirements for disclosing Plan information to employees. Of the strategies available, using a “wrap document” is one possible solution to bundle benefits into one plan. Basi Insurance Services, Inc. can help you analyze your group-sponsored employee benefits in light of ERISA. Call us at 209-847-3065 to learn more.