As a business owner, when you offer ANY employee welfare benefits, you are REQUIRED to be in compliance with ERISA, COBRA, and others depending on your employee count. These benefits include, but are not limited to:
- Medical, Dental, and Vision
- Wellness Programs
- Voluntary Benefits under IRS Section 125
- FSA’s and HRA’s
- Severance Insurance Policies
- Sickness, Accident, Disability, or Death
Most employers have delegated these tasks to their HR people (Office manager/payroll person). However, due to the crackdown of the Department of Labor (DOL) pursuing the P3 Initiative, it is imperative that employers know what they are up against. Doing so can ensure that they will not be subjected to numerous fines due to lack of knowledge, or passing the baton to someone who may not know all that is required to keep them in compliance.
The P3 Initiative stands for Plan, Prevent, and Protect. It allows the employer to take a “proactive” approach as opposed to a “reactive” one. You may be asking, “How do I get in compliance?” or “What am I up against?”. The only way to find out is to allow an HR consulting firm to give you a free risk assessment. This will allow you to evaluate where you are most vulnerable, and ultimately innovative solutions to not only get you in compliance, but keep you there!