Everybody knows that so much has changed in the last ten years. Healthcare is overwhelming. Fines are out of control. There's too much uncertainty and staying compliant often isn't top of mind. It's not as easy today to run a business as it was 10 years ago. It's not as easy for Human Resources as it was 10 years ago.
Many Human Resource departments aren't growing; they're shrinking. While HR tries to be the strategic contributor to the company that they're meant to be, it's difficult just to keep up with the day-to-day. Competing priorities will sometimes push compliance aside. Laws change so rapidly and red tape regulation increases. It can be difficult to keep up with all of this.
It's not unusual when we walk into a new company to find that their Summary Plan Document's aren't being handled properly or that their ERISA, FMLA, COBRA, Medicare part D notices are not in compliance. This can result in fines that add up QUICKLY!
Having access to an attorney who specializes in employment labor laws, the ACA and benefits is critical. Sure, you can call your corporate attorney for answers at $400-500 an hour. However, wouldn't you want to work with a broker team that has immediate access to in-house legal counsel and can get you the answers you so desperately need?
At WDA we have that, which means you can have that. We will help you stay in compliance and get the necessary documents and notices in place, so that you can sleep comfortably at night. Now that we have solved this for you, you can focus on being the strategic contributor to your company that you're MEANT to be!
Let us help protect your business! You'll be well on your way to becoming an Employer of Choice.
Are there fines for not having proper ERISA documents in place?
Yes, the DOL fines can be quite high.