COMPLIANCE SUPPORT

Whether your company has 5 or 500 employees, it's important to conduct a
regular review of your HR and benefits-related notices, records and procedures to ensure compliance with the law and prevent potential liabilities and employee lawsuits.
The checklist below features key steps for evaluating your management practices to help keep your company in compliance.

Compliance Checklist:

• Summary Plan Description (SPD)
• SSM, Summaries of Material Modifications
• Plan Document including amendments
•  All insurance plan contracts (fully-insured plans)
• Any trust documents relating to plan assets
• All contracts for claims processing, admin services, and reinsurance (self-insured plans) 
• Form 5500 filings    
• Summary Annual Reports Hiring

Please note that the above list is not all-inclusive. If an HR assessment reveals violations that are not subsequently corrected, your company could be at risk for costly fines or lawsuits. 

If you have any questions regarding your obligations under the law or about best practices when it comes to HR compliance, Preferred Benefits Plus has the services of a ERISA law firm for individual guidance!