Employers always try to stay in compliance with applicable regulations, and most of us try very hard to ensure we’re doing everything right. That’s why the word “audit” can be so fear-inducing: An audit seeks to uncover any missteps—something no one wants.
Communicating complicated employee benefit provisions is not easy. Explaining everything in a way that the average plan participant will understand just may not be possible. Different communication channels for different groups likely will have to be used; one size does not fit all. Let’s hope the DOL recognizes this.
A health plan’s lack of a full plan document, and an erroneous reference to such a document in the summary plan description (SPD), did not defeat the plan’s claim for reimbursement from a beneficiary’s medical malpractice settlement, a federal appeals court ruled.
by Jason Culotta, JD, Jones Walker A recent decision by the federal district court in Shreveport puts employers on notice that overly broad and intrusive sick leave policies violate not only federal and state laws prohibiting disability discrimination but also potentially employees’ privacy rights under the Louisiana Constitution.
Can you please advise me on the regulations for providing summary plan descriptions (SPDs) for our employees? Since we don’t have SPDs yet, should there be an urgency in getting them produced for distribution this year or can this be a project for 2016?
What are the ERISA Health and Welfare Benefit reporting requirements that apply to a small employer (less than 25 employees) with a fully insured group plan?
Yesterday, John Rubino of Rubino Consulting Services explained some of the background on profit-sharing plans, the 3 steps to establishing a deferred plan, and 4 of the steps involved in executing it. Today, we present the remaining 5 execution steps.
A profit sharing plan is a type of defined contribution plan that is sometimes used as a supplement to a primary retirement program. Today, John Rubino of Rubino Consulting Services explains the key elements of an effective profit-sharing plan.
Preparing Staff to Handle Questions/Concerns Preparing staff to handle participant questions and concerns is of paramount importance because ineffective answers can lead to mistrust, morale issues, and compliance scrutiny. It may even lead to legal challenges under ERISA. To avoid these problems, prepare supervisors and staff. Invite your investment advisor or a representative of the […]
Neil Bergt was president and chairman of the board of directors for the airline MarkAir. He participated in the company-sponsored profit-sharing plan and an employee stock ownership plan. The company then created an ERISA retirement plan that allowed employees who were pilots or former pilots to participate.