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Compliance for Your Employee Benefit Plans...What You Need to Know
1.25 SHRM PDCs | Competencies: HR Expertise, Critical Evaluation | Intended Audience: Midlevel
You will learn the compliance obligations under the IRS, the Department of Labor, ERISA and the ACA related to your employee benefit plans.
Since health care reform was passed in 2010, it is necessary for you to focus on compliance. Government agencies have begun auditing employee benefit plans to ensure organizations are meeting your compliance responsibilities. You have a legal responsibility to comply with ERISA and provide certain information to plan participants. 100% of the EBSA fines assessed in 2014 were related to insufficient documentation of required notices. You must also comply with new 6055/6056 reporting and disclosure requirements beginning in 2016 for health coverage provided during 2015. We will also focus on who is subject to the new reporting requirements and what information employers must collect. During this session, you will:
• Receive a thorough education on the plan document, Summary Plan Description (SPD) and other Notice requirements for their employee benefit plans.
• Learn about the reporting requirements and other compliance obligations under the Affordable Care Act (ACA) and how these might change under the proposed repeal and replace bills.
• Understand the potential liabilities involved with noncompliance and the increase in audits by the government of employee benefit plans.