Benefit Plan Administration and Compliance
Every business owner is held to specific standards determined by the laws and regulations of the state in which their establishment resides. The government sets these rules, yet they continuously fluctuate.
It’s pointless to get frustrated or to feel like the government expects company owners to freelance as insurance experts and benefit plan administrators. Perhaps you’ve worn many hats getting your business off the ground, but understanding insurance regulations and keeping your company compliant are definitely things most founders or owners don’t want to take on and have never dreamed of doing so.
Regardless of how much you don’t want to do it, it must be done.
If you aren’t keeping up with the changing laws, you can easily fall out of compliance with federal or state regulations, resulting in an expensive and drawn-out court case. Protect your company by purchasing a benefit plan administration and compliance insurance policy to ensure your business and employees receive proper treatment per your state and federal guidelines.
Gallant Risk & Insurance Services, Inc. offers benefit plan administration and compliance to our clients while also monitoring changes to help maintain compliance. The benefits of this plan include:
- Helping you stay up-to-date on continuously evolving regulations
- Taking the guesswork out of detailed government mandates and protecting your business from misunderstandings
- Answering your questions with professional and responsive consultants
- Assisting in all the different stages of employee benefit plan administration
What Does the Coverage Provide?
The compliance cycle has four main stages of coverage. Our government and the Employee Retirement Income Security Act (ERISA) establish obligations for employers when offering benefits and retirement plans.
The details of insurance regulations change continuously, but your company will never be caught short on coverage or compliance when Gallant Risk & Insurance Services, Inc. is part of your team.
Newly Hired Employees
When an employee begins to work for your company, there are requirements for what paperwork you need them to read and sign. Our team can assist with such paperwork to ensure you provide all required documentation in compliance with your state laws.
It’s essential to have a smooth transition for new workers so they can focus their attention on their tasks and onboarding with your company. Meanwhile, you have our support in providing the government with whatever is required regarding plan compliance.
New Benefits Enrollment
Usually, after a probation period, employees are eligible for health benefits and other programs, which require more paperwork. Our specialists can walk you through what documentation is needed and can help organize and collect this to get your new associate enrolled in the proper coverages.
After all, it only makes sense to trust those with extensive experience with all types of insurance, including renters liability insurance in California, flood insurance, plus aviation and marine insurance. Ensuring your benefit insurance is in compliance is just another one of our services related to all things insurance.
Open Enrollment
Annual open enrollment periods can bring changes to the company, and our team can help alleviate some of the stress involved in making these changes in compliance with state and federal requirements.
It’s all hands on deck during open enrollment, as this is when all employees, not just the new ones, are free to make changes or updates to their insurance coverage. Rather than get overwhelmed and frustrated with ensuring the new aspects are allowed and approved in the latest state requirements, rest assured that we know the answers. After all, we understand what fiduciary liability insurance covers, can explain why and when you might need contingency insurance, and can even discern the difference between OCP insurance and builders’ risk.
If you trust our expertise, you don’t have to be an insurance expert to cover your employees well and always stay compliant with the latest insurance regulations.
Employees want to feel they are well taken care of by the benefits and insurance available. You want to focus on running your company the best way you know how and to inspire your employees to assist you in this mission. We’re here to provide you with the ideal solution. It’s an investment in your company’s future to have us involved in the here and now.
Coverage Termination
Whether an employee is terminated, quits, resigns, or leaves the company for any other reason, the guidelines for processing an insurance coverage termination can get tricky. Our specialists can assist you in properly navigating these situations in compliance with state and federal rules.
We are well aware of the coverage stipulations regarding terminations—both voluntary and involuntary—many states implemented during the pandemic and understand exactly which ones have expired and which remain in effect.
Protect Your Employees and Your Enterprise
The plan administrator is responsible for ensuring compliance with many of the laws included in benefit and retirement plans. If your company has yet to designate a specific person or group to maintain compliance, then the business owner is solely responsible.
You don’t have to face the fear of running afoul of the law alone. We are here to assist you with every insurance-related issue you may have.
Gallant Risk & Insurance Services, Inc., can assist in daily operational tasks and provide assistance and guidance for complex, technical government regulations regarding retirement plans and employee benefits. Take the headache from your employee benefits and call one of our consultants today.