ERISA Penalties are Increasing

The Employee Retirement Income Security Act, also known as ERISA, is a federal law that requires employers to abide by specific regulations concerning their health and welfare benefit plans.

Under ERISA, employers are responsible for submitting detailed and time-sensitive documents to the government and to their plan participants.

ERISA’s disclosure requirements are the responsibility of the employer, not the insurance company. Failure to comply could result in significant penalties and lawsuits for the employer.

If the word compliance has you worried, there’s no need. We can help by providing a PrimePay ERISA Wrap Document that bundles all health and welfare plans into a single plan while incorporating all of the insurance company booklets and certificates by reference.  

Included in our ERISA Wrap Plan solution:

  • Comprehensive Employer Consultation
  • Employer Compliance Guide
  • Plan Document
  • Summary Plan Description (SPD)
  • Summary of Material Modification (SMM)
  • Summary Annual Report (SAR)
  • ERISA Notices & Disclosures
  • Form 5500 Filing
  • ERISA Alerts

PrimePay’s solution will allow you to:

  • Satisfy ERISA requirements
  • Simplify the amendment process
  • Reduce filing fees
  • Provide fewer SPDs
  • Customize to ensure consistency
  • Eliminate documentation risks

Over 71% of employers are not maintaining sufficient plan documents or providing employees with SPDs. Get started on the right track of compliance with our ERISA Wrap Plan. Contact us to discuss options and pricing by calling (484) 887-1773.

Get Started Today!