Know Your Compliance Obligations Minimize Your Risks Why Do Employers Need Compliancedashboard ? Are You Prepared For ERISA Compliance? It is crucial that.

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Presentation transcript:

Know Your Compliance Obligations Minimize Your Risks Why Do Employers Need Compliancedashboard ? Are You Prepared For ERISA Compliance? It is crucial that you begin preparing now to be in full compliance with the new requirements as the penalties for non-compliance under ERISA are significant. Time to develop or retool your compliance strategy!

Know Your Compliance Obligations Minimize Your Risks Why Do Employers Need Compliancedashboard ? Did you know… The Employee Benefits Security Administration (EBSA) oversight authority extends to 2.5 million health plans?

Know Your Compliance Obligations Minimize Your Risks Why Do Employers Need Compliancedashboard ? Did you know… In 2011, EBSA’s advisors handled nearly 234,000 inquiries and recovered $478.1 million in benefits on behalf of workers and their families?

Know Your Compliance Obligations Minimize Your Risks Why Do Employers Need Compliancedashboard ? Did you know… The DOL has estimated that three out of four plans they audit have had an ERISA violation?

Know Your Compliance Obligations Minimize Your Risks Why Do Employers Need Compliancedashboard ? Did you know… The DOL plans to substantially increase the number of ERISA compliance audits it conducts each year?

Know Your Compliance Obligations Minimize Your Risks Why Do Employers Need Compliancedashboard ? You need to know… As an employer, you are an ERISA fiduciary and held to one of the highest standards under the law. The employer is typically the ERISA Plan Administrator with direct responsibility for most items of legal compliance. Fiduciary = Liability

Know Your Compliance Obligations Minimize Your Risks Why Do Employers Need Compliancedashboard ? You need to know… The cost of ERISA compliance in 2013 will continue to increase as Health Care Reform comes into full swing.

Know Your Compliance Obligations Minimize Your Risks Why Do Employers Need Compliancedashboard ? You need to know… The DOL is expected to make aggressive enforcement a part of its compliance reform. You may not be deliberately doing things incorrectly, but in the event of an audit you may still incur stiff penalties. Ignorance ≠ Accepted Excuse

Know Your Compliance Obligations Minimize Your Risks Why Do Employers Need Compliancedashboard ? You need to know… What the fines look like: Failure to file a Form 5500 = $1,100/day/plan Willful failure to timely provide an SPD = $1,000 General ERISA & PHSA Penalties, charges amount to $100 to $110/day/occurrence

Know Your Compliance Obligations Minimize Your Risks Why Do Employers Need Compliancedashboard ? You need to know… Non-compliance can leave you open to lawsuits. Any participant can sue the plan for non- compliance with ERISA, which can lead to fines and damaged employee relations.

Know Your Compliance Obligations Minimize Your Risks Why Do Employers Need Compliancedashboard ? You need to know… Third-party administrators and insurance companies can help with compliance, but often focus on certain requirements. The employer remains liable when obligations are not satisfied, no matter who performs them.

Compliancedashboard can help. Compliancedashboard is the leading web-based solution for helping employers comply with the federal laws that govern health & welfare plans. We make it simple.

Compliancedashboard can help. We stand ready to incorporate all new regulations that arise from Health Care Reform into this user-friendly web technology that is currently used by thousands of employers to fulfill their compliance obligations. We make it simple.

Compliancedashboard can help. Compliancedashboard solves the four most common problems employers face when managing compliance: Where do I find the information I need? What do I do and when do I do it? Who will make sure it gets done? How do I document our compliance efforts? We make it simple.

Compliancedashboard can help. Compliancedashabord simplifies your compliance obligations: All compliance obligations are compiled into an easy-to-read calendar. When it is time to complete a compliance requirement, you receive an linking you to a compliance activity web page with instructions on exactly what you have to do. The compliance activity web page includes the tools or materials you need to complete the requirement. The system then tracks your progress and sends them automatic reminders if a requirement is past due. All activity is recorded and a compliance audit report can be produced on- demand. We make it simple.

Compliancedashboard can help. Simply Put, We Help You Simplify Compliance We make it simple. Compliancedashboard will take work off your desk, improve your compliance processes and help relieve anxiety over Health Care Reform. Let us show you how we make it simple.