Is Your Employee Benefit Plan in Compliance?
Posted April 30, 2020 in Employee Benefit Plan
3 Min Read:
In today’s ever-changing world, many large and small business owners are full of uncertainty.
And whether you have been able to remain open with business as usual, have had to alter your company practices or had to shut your doors temporarily, there will come a time when the world becomes more normal than it currently is.
With the return to normalcy on the horizon, it is important to take this time to ensure that all of your business practices are in order. One of these is your employee benefit plan.
Employee benefit plans can be confusing. With laws continually changing, a program that is compliant one day may not be compliant the next.
Here is what you need to know to make sure that your program is up to date.
Why Is an Employee Benefit Plan Important?
A good employee benefits plan is a great way to set your company apart from others. Unfortunately, navigating the rules and regulations of an employee benefit plan and even understanding the most basic requirements can be difficult.
If you are unsure if your employee benefits plan is in compliance or you want help designing an employee benefits plan, contact Gallant Risk, Inc., by calling (951) 368-0700 or filling out our online contact form.
What Can Be Included in an Employee Benefit Plan?
Whether you are a large or small business, offering a benefits plan to your employees helps to support a healthy workplace atmosphere. It shows your employees that you are interested in their welfare and their future. This will not only boost their morale and increase their productivity but also aid in retaining them long-term.
While employee benefits plans vary in design, many include some of all of the following:
- Paid time off
- Additional voluntary benefits
- Wellness programs
Obviously, the more you include in your employee benefits program, the more your employees will appreciate it and maintain loyalty to your company; however, each aspect comes with additional moving parts that make being compliant more complicated—especially when California’s regulations are far from set-in-stone and requirements differ depending on how many employees you have.
What Are the Dangers of Non-Compliance?
With so many changing regulations, a company may be non-compliant without even knowing it because non-compliance can stem from something as small as being outdated in your paperwork or having your calculations off slightly.
Back in 2012, the Affordable Care Act (ACA) developed the newest rules that all employers needed to adhere to and follow in order to be compliant. The act established a set standard for coverage and out-of-pocket maximum expenses among other things. Navigating this act is a challenge on your own, which is why it is important to have the experts behind you.
Failure to comply with state and federal regulations can put your company at risk for hefty fines and penalties.
Is Your Company Compliant?
Compliance laws are complex, and compliance may be a big challenge. That is why you need the input on an expert. Contact Gallant Risk, Inc., to find out more about employee benefits compliance or for assistance in designing an employee benefits plan.