Are Your Compliance Documents Up to Date?

Record-keeping and updating all required documents to meet changing regulations can be confusing and cumbersome for human resources professionals. There are countless rules and regulations for employee benefit plans, many of which are complex. It is, however, important to keep all your compliance documents up to date. Failure to comply with certain regulation or provide documentation in a timely manner can ultimately result in very large fines for your corporation.

Managing Compliance Effectively

Instead of spending countless hours searching the internet for information regarding compliance deadlines that may or may not be accurate, our Zywave partner provides these resources all in one place. The database has thousands of easy-to-read articles that will help you find answers to your common COBRA, FMLA, health care reform, HIPAA, Medicare Part D and Section 125 questions. We can even set you up with an ongoing compliance calendar that will email you reminders on upcoming deadlines along with documents that provide you with important details about these deadlines.

Getting started is simple – Contact Us and we’ll get you started with a free login today.

Check Your Documents for Accuracy

The most important documents we have found to have errors in them or are not being kept up-to-date are the Section 125 (Cafeteria Plan) Document and the WRAP Document/SPD. It is critical for companies to have these documents in good order as employers may be charged a penalty of $152/day for failing to furnish documents requested by the DOL and may also be charged a penalty of $110/day for failing to provide a Wrap Document to employees in a timely manner.

What are these documents?

Section 125 Document:  According to the IRS, a Section 125 plan is the only means by which an employer can offer employees a choice between taxable and nontaxable benefits without causing adverse tax consequences to employees.

WRAP Document/SPD: In most cases, insurance certificates provided by carriers do not meet ERISA’s requirements for plan documents or SPDS. Wrap documents are used to fill in the missing ERISA information.

If you are unsure if you have these documents, or if they are accurate, give us a call today to speak with one of our compliance experts.