Compliance clarity and structure for lean teams

ERISA stands for the Employee Retirement Income Security Act of 1974, a federal law that sets minimum standards for most voluntarily established retirement and health plans in the private industry. It primarily aims to protect individuals participating in these plans by ensuring they are managed fairly and with financial security. 

ERISA compliance refers to the Employee Retirement Income Security Act regulations that protect employee benefits. It ensures that retirement plans are managed in the best interest of participants. Our experts can guide you through the complexities of ERISA compliance.

Fiduciary duty is the legal obligation to act in the best interest of another party. In the context of retirement plans, fiduciaries must prioritize participants' interests above their own. Understanding this duty is crucial for compliance.

Risk management strategies involve identifying, assessing and mitigating risks associated with compliance. Our approach helps organizations minimize exposure to regulatory penalties. We tailor strategies to fit your unique operational environment.

We provide tailored compliance consulting services to help meet your specific needs. Our team specializes in navigating Department of Labor (DOL) and IRS regulations. We also offer fiduciary best practices to help align with your organization’s compliance objectives.

In the context of employee benefits, wrap documents supplement existing plan documents or insurance policies to ensure compliance with ERISA. They essentially "wrap around" other plan documents to provide the necessary information required by ERISA, including details about benefits, eligibility and other key aspects of the plan. This applies to groups that have 50 or more employees. 

A section 125 plan allows employers to offer employees, their spouses and dependents certain benefits on a pretax basis, thereby lowering the employee's taxable income. It essentially puts more money back in the employee's pocket, which can help businesses attract and retain talent.