Erisaadvisorygroup.com

Health & Welfare Plan Compliance ERISA Advisory Group

WEBAt the ERISA Advisory Group, we have been helping organizations develop Health & Welfare Benefit Plans since 1995. Here’s what you can expect when consulting us to develop your plan: Strategic Plan Design & Development (including “wrap” plans, cafeteria plans, health savings accounts (HSA), health reimbursement accounts (HRA), fringe …

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URL: https://www.erisaadvisorygroup.com/erisa-consulting-services/erisa-health-and-welfare-plans/

Taft-Hartley Unions Multiemployer Plans ERISA Advisory Group

WEBIn 2023 alone, the Employee Benefits Security Administration (EBSA) recovered more $1.4 billion dollars from enforcement actions against employers who were out of compliance. Additionally, the Department of Labor closed 196 criminal cases and indicted 60 people for crimes related to Employee Benefits Plans. At the ERISA Advisory Group, we began

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Directed Trustee ERISA Fiduciary Services

WEBDirected Trustees are becoming an increasingly popular position in the management of ERISA Plans. Appointing a prudent expert in Health & Welfare and Retirement Benefits, as well as ERISA legal compliance, as your Directed Trustee is a smart way to diversify fiduciary liability in your organization.. Similar to Plan Administrators, Investment …

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Single Employer Plans ERISA Compliance ERISA Advisory Group

WEBAs a result, the US Department of Labor has taken an increased interest in ERISA Plans in recent years. In 2023 alone, the Employee Benefits Security Administration (EBSA) recovered more $1.4 billion dollars from enforcement actions against employers who were out of compliance. Additionally, the DOL closed 196 criminal cases and indicted 60

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How To Select An Independent Fiduciary ERISA Advisory …

WEBAt the ERISA Advisory Group, we always say there are exactly 3 qualities you need to look for when hiring an Independent Fiduciary for your plan. #1 TRUST. Having a fiduciary you can trust is key to making any Health and Welfare or Qualified Retirement Plan successful. Similar to when you select an accountant or lawyer, the fiduciary in …

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How To Choose Service Providers For Your Plan

WEBRemember these rules, procedures and potential pitfalls when selecting service providers for your plan. Dear Employer, As a plan fiduciary, one of your top priorities is selecting the right service providers for your organization’s health or retirement plan.. While there are many options out there, it is crucial that you follow the rules spelled out …

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What is a Fiduciary Under ERISA

WEBUnder ERISA, a fiduciary is anyone who exercises any discretionary authority or discretionary control over the management of the Plan. I.e., anyone who exercises any authority or control with respect to management or disposition of the Plan’s assets. This definition is important because it underscores the fact that an individual …

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Mergers and Acquisitions Compliance ERISA Advisory Group

WEBIf your organization is facing a Merger or Acquisition, ERISA requires you to follow a specific set of steps to protect participants and beneficiaries of your Health & Welfare Benefits or Qualified Retirement Plan. As a Plan Sponsor or Fiduciary, you must first engage in due diligence to understand the existing plans administered by all parties in the transaction …

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Prohibited Transactions Under ERISA ERISA Advisory Group

WEBTo combat the potential for employers acting in their own self-interest, Section 406 (a) of ERISA lays out 5 types of “Prohibited Transactions” to avoid when dealing with parties in interest. They include: Sale or exchange, or leasing, of any personal property between the plan and a party in interest. Lending of money or other extension of

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Prohibited Transactions Exemptions Under ERISA

WEBStatutory Exemptions. Section 408 of ERISA lays out specific exemptions to the Prohibited Transactions rules. Due to the broad nature of these rules described in Section 406, legislators knew there needed to be a workaround that allowed Plan Fiduciaries to make certain necessary transactions with parties in interest. …

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ERISA Fiduciary Compliance Consulting ERISA Advisory Group

WEBIn FY 2023, EBSA recovered $1.4 Billion Dollars from employers who were out of compliance with ERISA. Additionally, in 2023 alone, they closed 196 criminal cases and indicted 60 individuals for crimes related to Employee Benefits Plans. Fortunately, when the Department of Labor audits an ERISA Health & Welfare Plan or Retirement Plan, they …

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Will Your PEO Health Plan Or Retirement Plan Be Audited

WEBThe ERISA Advisory Group provides consulting and Independent Fiduciary services for ERISA covered plans including Qualified Retirement Plans and Health and Welfare plans.

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How The EBSA Decides Which Plans To Audit ERISA Advisory Group

WEBIn the Fiscal Year ending in October 2020, EBSA restored over $3.1 billion dollars to employee benefit plans, and their participants and beneficiaries. This is nearly a 3X increase from the $1.1 billion dollars in enforcement actions from 2017, and in the wake of COVID-19, we expect this upward trend to continue into 2021 and beyond.

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Request for Proposal (RFP) Management ERISA Advisory Group

WEBA Request for Proposal, or RFP, is a document used to solicit project outlines and quotes from vendors who provide services to a Health & Welfare or Qualified Retirement Plan. Proposals from a variety of service providers are then compared and assessed for quality of service, and reasonableness of fees.

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Trade Associations: MEWA Compliance ERISA Advisory Group

WEBUnder ERISA, the DOL has created two tests to determine whether your Health & Welfare Plan can operate as a MEWA. They are: The “Commonality of Interest” Test, and. The “Control” Test. The Commonality of Interest Test. The Commonality of Interest test requires associations that offer Health & Welfare benefits under a MEWA, …

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3(16) Plan Administrator Fiduciary Services ERISA Advisory Group

WEBIt is important to keep in mind that Third Party Administrators (TPAs) are not the same thing as a 3(16) Plan Administrator. Your 3(16) Plan Administrator must be a prudent expert in ERISA compliance, and shares personal liability for the plan along with the Plan Sponsor.. On the other hand, a TPA typically performs “ministerial functions” for the plan — and …

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ERISA Compliance For Captive Insurance ERISA Advisory Group

WEBTo put it simply, a captive insurance company is a type of self-insurance in which an organization forms a separate, licensed insurance company that provides coverage for a group of affiliated companies or just the parent company.. Companies have prioritized Captive benefit plans to help reduce costs associated with employee benefits, …

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