Benefit Plan Administration and Compliance
Every business owner is held to specific standards determined by the laws and regulations set by the state in which their establishment resides. The government sets these rules, and the rules continuously fluctuate. If you aren’t keeping up with the changing laws, then you can easily fall out of compliance with federal or state regulations, which can result in an expensive and drawn-out court case. Protect your company by purchasing a benefit plan administration and compliance insurance policy to ensure that your business and employees are receiving proper treatment in accordance with 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:
- Helps you say up-to-date on continuously evolving regulations.
- Takes the guesswork out of detailed government mandates and protects your business from misunderstandings.
- Our professional and responsive consultants are available to answer all of your questions.
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.
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.
New Benefits Enrollment
Usually, after the 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.
Annual open enrollment periods can bring changes in the company, which is where our team can help alleviate some of the stress involved in making these changes in compliance with state and federal requirements.
Whether an employee is terminated or quits, or leaves for the company any other reason, there are guidelines for processing a coverage termination that can get tricky. Our specialists can assist you in properly navigating these situations in compliance with state and federal rules.
Protect Your Employees and Your Enterprise
Many of the laws included in benefit and retirement plans are the responsibility of the plan administrator. If your company hasn’t designated a specific person or group to maintain compliance, then the owner of the business is solely responsible.
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 out of your employee benefits and call one of our consultants today.