Compliance is easy to do and easier to overlook. The cost involved in not having your benefit programs compliant with both the Affordable Care Act (ACA) and ERISA is staggering.
First Staff Benefits provides compliance tools on an al carte basis. We would love to write your benefits, but if you don’t need help with that, please at least review the information below:
Affordable Care Act Compliance: Although the individual mandate is going away on January 1, 2019, both employer mandates still exist. This means that if you are an Applicable Large Employer (ALE) you must continue to offer Minimum Essential Coverage (MEC) in both 2018 and 2019. In addition, you must offer that coverage to 98% of your ACA benefit eligible employees (working 30 or more hours per week). Should you elect to offer a Minimum Value Plan remember that you must also meet one of the affordability safe harbors. First Staff Benefits can manage both your product selection and implementation to keep you compliant.
1094/1095 Reporting: This is still in play for at least 2018. We would be happy to give you a quote to manage this process for you and relieve you of any liability for errors.
ERISA Compliance: This is regulatory requirement for all employers regardless of group size. The only exempt entities are churches and the federal government. Over 80% of the groups that we discuss ERISA compliance with are currently out of compliance. Depending on how your group plans are structured, there could be as many as 24 compliance points to meet, all of which have penalties for non-compliance. You will find the penalties for non-compliance in the Compliance Quiz below.
If you have questions or need help, just let us know. First Staff Benefits can manage all of your benefit plan compliance requirements.
What is Compliance?
What is ACA Compliance?
Are you aware that ACA Compliance is only HALF of your Compliance Requirements?
What is ERISA Compliance?
Are you Compliant?
Take our quick quiz below or watch our short video to find out.
If you have over 100 employees covered on benefits as of the first day of your plan year, are you filing Form 5500 for your benefit plan each year?
- No (Penalty is $2,140 per day, per benefit plan not prepared and filed)
Do you distribute the required DOL documents to all employees annually?
- No (Penalty is $110 per day)
If you are taking employee deductions “pre-tax” do you have a current Premium Only Plan document that has met discrimination testing?
- No (Penalty is loss of tax-free benefit for highly compensated and key employees which could result in restatement of W2’s)
Do you annually distribute ERISA approved summary plan descriptions for every plan you offer? (i.e. medical, dental, vision, life, disability income etc.)
- No (penalty of up to $1,128)
If your major medical plan is self-funded, are you performing discrimination testing each year on the plan?
- No (Penalty is loss of tax-free benefit for the highly-compensated individual which could result in restatement of W2’s)
The above represent the most common areas of non-compliance. There are many more requirements and penalties and non-compliance penalties are severe!
Let First Staff Benefits manage this for you!! We guarantee our work!