The Art and Science of Designing a Strong Employee Benefits Plan
Building a Health & Welfare ERISA Covered Plan from scratch is a complex process. You want to create a plan that offers strong benefits to your employees while meeting your company’s financial goals and staying compliant with the sea of regulations laid out in ERISA.
This set of priorities presents significant challenges. Luckily, over the past several decades, the ERISA Advisory Group has developed the exact strategies for developing plans that meet the needs of your company while staying legally compliant.
Consulting with a prudent expert to do this job will not only save you a lot of time, but also a lot of money in form of potential violations, fines & penalties from the DOL for making compliance errors that could have easily been avoided.
At the ERISA Advisory Group, we have been helping organizations develop Health & Welfare Benefit Plans since 1995.
Here’s what you can expect when consulting us to develop your plan:
- Strategic Plan Design & Development (including “wrap” plans, cafeteria plans, health savings accounts (HSA), health reimbursement accounts (HRA), fringe benefit plans, wellness programs or retiree programs covered by ERISA)
- Competitive Placement of Coverage
- Assistance with Annual Renewals
- Review Summary Plan Descriptions
- Financial Accounting Audits
- Plan Utilization Reviews
- Competitive Plan Benchmarking
- Underwriting Review
- Vendor Service Monitoring
- Mergers & Acquisitions of Qualified Plans
- Health & Wellness Consulting
- Help correct any current administration errors
- Provide guidance on how to appoint plan fiduciaries
Save Time And Money By Designing A Health & Welfare Plan That Is ERISA Compliant
Once you lay the foundations of a strong Health & Welfare Plan for your employees, you shouldn’t have to go back later and deal with problems.
Unfortunately, too often we see Plan Sponsors and Fiduciaries make mistakes in the planning stages that lead to compliance issues.
If your plan is set up in a way where you are making Prohibited Transactions, or engaging in other compliance errors, you could be targeted for an Employee Benefits Security Administration (EBSA) audit.
The only way to safeguard against incurring violations, fines & penalties from a government audit is by setting up a plan that checks all the boxes for ERISA compliance.
By taking a “belt and suspenders” approach to Health & Welfare Plan Design, you can rest easy knowing that you’ve done all you can to provide the best for your employees while staying legally compliant.
Consult With The ERISA Advisory Group To Get Your Plan Off The Ground
If you’re ready to begin designing an ERISA Health & Welfare Plan, contact the ERISA Advisory Group, then schedule a free consultation with one of our Independent Fiduciaries.
We will be happy to answer your questions, and assist you in taking the necessary steps to develop a plan that meets your goals while staying ERISA compliant.
Click Here To Book A Free Consultation