Insurance and legal experts from Sahouri Insurance and General Counsel P.C. hosted a three-part series that examined the compliance hurdles that government contractors face. Our experts investigated key compliance issues, shared best practices, and answered pertinent questions.
What you will learn:
What is ERISA: The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry to provide protection for individuals in these plans. The Department of Labor, IRS, and HHS enforce regulations and can charge companies with fines and penalties for non-compliance.
Applicable regulations:
COBRA/State Continuation: extends coverage rights for group health plans after termination – applies to all companies with a group health plan
HIPAA: privacy protection and data security laws – applies to companies with 1 or more employees
NDT (Non-Discrimination Testing): ensures that highly compensated employees are not receiving greater benefits than non-highly compensated employees - this applies to most companies with an FSA, Dependent Care plans, HSA’s, and section 125 cafeteria plans.
Wrap/SPD (Summary Plan Description): document outlining participants rights, benefits, and responsibilities regarding group plan offerings – applies to companies with 1 or more employees
5500’s: reporting and disclosure to the IRS – 100 or more participating on any one benefit plan
Required Notices: there are several notices that need to be distributed to benefit-eligible employees – all employers are subject
ACA Reporting (Affordable Care Act): Shared responsibility reporting and Minimal Essential Coverage (Pay or Play) to the IRS – applies to companies with 50 or more full-time equivalent employees
PCORI (Patient Centered Outcomes Research Institute): funding to improve healthcare delivery – applies to any business with a self-funded plan (includes HRA’s and level-funded medical plans)
For each of these requirements, there are specific deadlines for reporting and disclosure responsibilities that if not addressed can be subject to heavy fines by the governing agency.
Compliance issues
Insurance Issues
Insurance Issues
Domestic
International
Insurance Responsibility
Risk Transfer Treneds
Insurance Coverage
Being Prepared
Triggers for Investigations
Investigation - Preliminary Issues
Insurance Reporting
Investigation - Process
Investigation - Conclusion