Without the necessary guidance, you may be left in the dark

Is your company in compliance?

Healthcare Reform has brought substantial changes to the compliance reporting landscape and offering an employee benefit package now has many more legal obligations than it used to. Allow LaRocca and Associates and our compliance team to work with your staff to eliminate the tedious task of compliance reporting and more importantly, avoid penalties.

What is ERISA?

Employee Income Retirement Security Act of 1974 – requires that employers create legal disclosures which include model notices, rights, and privileges with respect to each health and welfare benefit plan, COBRA and FMLA rights, MLR explanation and plan of action and others. There are also certain timetables and ways in which this information must be delivered.

Doesn’t the insurance company provide this information?

No, insurance carriers adhere to state minimum requirements (where they are regulated) and ERISA is a federal law, so while similar information is provided, it would fail an audit. 401k providers only manage the qualified retirement plans and not the group benefits.

Why am I just hearing about this?

With limited resources the DOL and EBSA did little to enforce this area of the law for groups smaller than 100 employees, however, the ACA has focused the spotlight on this regulation and have considerable resources placed into its enforcement. It is the DOL’s intent to audit 75% of businesses by 2015 and 100% by 2018. As your broker, we need to bring this to your attention.

What am I the employer responsible for?