Are you 100% sure that you are not currently in violation of the IRS or Department of Labor?
If you were audited today, are you confident you would not incur any fines?
The IRS and DOL (Department of Labor) collectively levy and collect over 30 billion dollars in fines from businesses just like yours; businesses that never thought they would have to pay a fine.
Without the proper system and resources in place, it is next to impossible to know every regulation that can affect your business on your own.
Are you willing to continue to take that risk every day?
ACA Compliance Dashboard
ERISA (the Employee Retirement Income Security Act of 1974) is a federal law which deals with employee benefit plans, both qualified retirement plans (e.g., pension and profit sharing plans) and welfare benefit plans (e.g., group insurance and other fringe benefit plans).
The goals of ERISA are to provide uniformity and protections to employees. ERISA imposes certain reporting (to the DOL) and disclosure (to plan participants) requirements on employers. ERISA compliance is enforced primarily by the Department of Labor (DOL).
However, employee benefit plans may also be regulated by other government agencies, such as the Internal Revenue Service (IRS) and a state’s Department of Insurance. Failure to comply with ERISA can result in enforcement actions, penalties, and/or employee lawsuits.