What are the requirements for ERISA compliance?


Quick Answer

To meet compliance requirements for the Employee Retirement Income Security Act, or ERISA, plan administrators must keep documents and information accessible to participants, follow written procedures for processing or denying benefits claims, ensure responsible management of the plan's investments, and avoid making decisions based on personal interest or gain, states the Benefits Law Group of Chicago. The employer must also maintain appropriate and timely plan contributions, and make sure that eligible participants receive their benefits on time.

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Full Answer

Those responsible for managing plans should use the available information from the Employee Benefits Security Administration, or EBSA, regarding the requirements of ERISA in order to understand and comply with all standards, urges the U.S. Department of Labor. The department's website contains reference materials and tools to help ensure compliance. The EBSA also sponsors seminars, workshops and webcasts to assist with compliance requirements.

ERISA requires that private industry health, retirement and other benefit plans meet a set of minimum standards and that those managing the plans meet certain standards of conduct, explains the U.S. Department of Labor. It also contains provisions outlining the requirements of reporting to the government and of disclosure to plan participants. Other provisions help ensure that plan funds remain protected and that qualifying participants receive their promised benefits.

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