Employee benefits plan

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1. Employee Benefits Plan Gabriela Rosas, VP of Human Resources 2. Overview  Administration  Who’s covered  Requirements and Exemptions  Employee Rights …
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  • 1. Employee Benefits Plan Gabriela Rosas, VP of Human Resources
  • 2. Overview  Administration  Who’s covered  Requirements and Exemptions  Employee Rights  Penalties  Additional Assistance
  • 3. Administration  The Employee Retirement Income Security Act (ERISA) is administered by the Employee Benefits Security Administration (EBSA).
  • 4. Who’s Covered?  Most private sector employees  Sets up Retirement Plans  Defers money until termination of employment  Other Plans: Welfare Plans  Health Legal Benefits  Death Vacations  Disability Day Care Centers
  • 5. Who’s NOT Covered  Government entities  Churches  Plans outside the U.S.
  • 6. Requirements  EBSA and the IRS work together and ensure workers receive promises  EBSA Regulates that person or entities:  Manage plans for the exclusive benefit of participants and beneficiaries  Carry out their duties in a prudent manner  Refrain from conflict of interest transactions prohibited by law  Comply with limitations on certain plans' investments in employer securities and properties  Fund benefits in accordance with the law and plan rules  Report and disclose information on the operations and financial condition of plans to the government and participants  Provide documents required in the conduct of investigations to ensure compliance with the law.  Need to report? Call Tel: 1-866-444-EBSA (1-866-444-3272)
  • 7. Exemptions  Various statutory exemptions are granted by the Department of Labor and Treasury on a case by case scenario for a variety of proposed transactions  To see the full list please visit:  http://www.dol.gov/compliance/guide/erisa.htm
  • 8. Employee Rights  Right to receive information about your pension or health benefit plans  Participate in timely and fair processes for benefit claims  Elect to temporarily continue group health coverage after losing coverage  Receive certificates verifying health coverage under a plan  Recover health benefits
  • 9. Penalties  Department of Labor may sue!  Any person or entity that willfully violates Part I of Tittle I  Administrator who fail/refuse to comply could be charged $1,000/day
  • 10. Additional Assistance For further assistance or details please visit the following: • Compliance Assistance: 1-866-444-EBSA (1-866-444- 3272). • http://www.dol.gov/compliance/guide/erisa.htm • See a full list of other helpful sites
  • 11. Overview  Administration  Who’s covered  Requirements and Exemptions  Employee Rights  Penalties  Additional Assistance
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