Special Report - Compliance Planning for 2012

2012 - The Challenge Ahead
Happy New Year! This promises to be a challenging year as a number of regulations take effect in 2012. To kick off the New Year, we've developed an ERISA and employee benefits legal compliance checklist to help you assess your benefits program and structure. Please take a few minutes for this important due diligence check.
If you have any questions about the checklist and your answers, please [contact us]. Even one poorly answered question could be very problematic, with significant cost and liability implications. Make sure that 2012 starts with your benefits in full legal compliance.
Compliance Planning Checklist
ERISA Welfare Benefit Plans
  1. Do you have an ERISA-compliant plan document?
  2. Do you have an ERISA-compliant summary plan description? [Has it been updated to reflect recent changes in the law or in your benefits? Are they being distributed to Participants according to DOL safe harbor regulations?]
  3. To the extent that the plans are self-insured, are they in writing? [Are they being tested annually for nondiscrimination?]
  4. Has consideration been given to the Medicare Part D requirements regarding required notification for prescription drugs and potential federal subsidies?
  5. To the extent that there are more than 100 eligible employees participating in the plan, have Forms 5500 been filed annually and timely? [Have SARs been distributed to Participants?]
  6. If you maintain a 125, flexible spending account, dependent care assistance or other cafeteria plan, is it in writing? When was it last updated? [Are they being tested annually for nondiscrimination?]
  7. When were your COBRA notices last updated? Are such notices distributed timely and in compliance with the law?
  8. Are your health plan documents, open enrollment forms and premium conversation documents updated to comply with the Health Care Reform rules?
Employee Plan Issues in General
  1. Do you have an employee handbook?
  2. When was your employee handbook last updated?
  3. Are your leave of absence policies in writing and distributed (e.g., maternity/paternity, military leave, and other leaves of absence)?
  4. What policies and procedures do you have in place with respect to same-sex spouses and domestic partners?
  5. Do you understand and are you complying with the tax ramifications concerning same sex and domestic partner benefit coverage?"*
*Material pepared by Marcia Wagner, JD, The Wagner Law Group, with the exception of bracketed text and hyperlinks, which were added by ERISAPros.
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© 2017 ERISAPros, LLC, All rights reserved. Information on ERISAPros' website, its newsletter, “News & Views,” and its blog, “ERISA Wonk,” is published as a general informational source. Information and articles are general in nature and are not intended to constitute legal or tax advice in any particular matter. Blog posts and comments reflect the personal views of their respective authors - not those of ERISAPros. Transmission of this information does not create an attorney-client relationship. ERISAPros, LLC is not a law firm and is not giving legal or tax advice. It does not warrant and is not responsible for errors or omissions in the content on its website or in its newsletters. ERISA is a complicated and confusing law. Summary Plan Descriptions (SPDs), Wrap Plan Documents, and Form 5500s require review and updating by qualified ERISA compliance professionals.


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