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Understanding the ever-changing ERISA

Insurance practices are hard enough to navigate. When you add to the equation the ever-changing regulations surrounding the Employee Retirement Income Security Act, you may find yourself unintentionally in a breach of obligatory duties as an employer. Employers often provide retirement and pension plans for their employees and in addition to creating those plans, they must routinely ensure they are up-to-date.

There are a multitude of forms an employer is responsible for providing to its employees if they choose to offer retirement or other insurance benefits. These include the Summary Annual Report, Summary of Benefits, Summary of Material Modification, Automatic Enrollment Notice and Individual Benefit Statement.

While an employer is not typically under an obligation to provide such benefits, once they make the decision to offer dental, vision, medical, life insurance and/or disability, they are then governed by strict and changing regulations. They also must ensure they are not in violation of any employment discrimination surrounding the benefits offered and to whom.

Benefits are a big consideration to many job-seekers and can improve the pool of applicants you interview for important available positions. However, entering into the decision to offer benefits to your employees should not be taken lightly. If you are in Florida and are considering offering a benefits package or are considering monitoring your current options, a Florida pension law attorney may be able to assist you. He or she can help in determining what to offer as well as handle document preparation to take a lot of the responsibilities off your shoulders and relieve the fear of noncompliance should any regulations change over time.

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