• ERISA Compliance Webinar Replay

    ERISA reporting and employee disclosure violations can add up quickly. ERISA compliance is not an option, it is the law, and failure to comply can generate thousands in penalties!

    On Thursday, September 20, 2018 ESC hosted our trusted partner myHRcounsel for a webinar to discuss ERISA compliance, penalties, and the benefits of SPD “Wrap” documents.

    Many employers rely on their broker or plan administrator to provide the necessary ERISA disclosures to plan enrollees. While ESC provides ERISA-compliant disclosures to employees enrolled in any of the products we offer, this is often not the case with other health and welfare benefit providers. If you offer benefits to internal or temporary employees other than those provided by ESC, you will not want to miss this free webinar.

     

    ESC partner myHRcounsel is a law firm specializing in employment law including issues related to ERISA and ACA compliance. This free webinar will explain your staffing company’s responsibilities under ERISA, and provide a quick overview of the legal and compliance services myHRcounsel has developed for staffing companies (and deeply discounted for ESC clients!).

     

    Click here to watch a replay of the ERISA Compliance Webinar or click here for more information about myHRcounsel’s services which have been significantly discounted for ESC clients.

  • Do you need a Wrap document?

    According to the Employee Retirement Income Security Act (ERISA) passed in 1974, employers offering health and welfare benefits (health, dental and/or vision plans, AD&D/Term/Disability Insurance, wellness programs, etc) are required to provide plan participants with a Summary Plan Description (SPD) that clearly outlines details about the plan, its administration, and its benefits and claims process. (Click here to learn more about SPD documents).
     
    ESC provides ERISA-compliant SPDs to enrollees of the plans we offer, but this is not always the case with other benefit providers. In many cases, plan administrators provide plan documents that are informative but do not meet the ERISA-compliant standards of an SPD. Wrap documents are essentially mega-SPDs that help streamline the compliance process for companies offering multiple benefit options to employees.

    The ACA has provided government agencies that deal with ERISA issues additional resources to be more focused on compliance-related matters. The penalty for failing to provide a plan participant with an SPD on time is $110/day PER PARTICIPANT and failure to file a IRS Form 5500 (only applicable to companies with 100 or more ENROLLED in benefit plans, click here to learn more about IRS Form 5500 requirements) carries a $2,140/day penalty.
     
    There are 3 key reasons an ESC client would want to utilize a Wrap document to fulfill their ERISA SPD obligations:
     
    1. Your staffing company offers other health and welfare benefit options in addition to those provided by ESC;
    2. Your staffing company offers benefits “pre-tax” under a 125 plan;
    3. Your staffing company is required to file IRS Form 5500 
     
    In these cases a Wrap document will provide an easy, efficient way to remain in compliance with ERISA requirements and save your staffing company thousands in penalties.

    Failure to comply with ERISA requirements is costly. Until now, finding affordable qualified ERISA legal advice has been impossible. That’s why ESC is excited to announce a new partnership with myHRcounsel that provides you with affordable access to reliable legal advice.

    For as little as $37.50 per month, ESC clients can obtain an ERISA-compliant Wrap document solution and access to a compliance calendar, library of legal forms, and notices. For just $105 per month ESC clients can receive all of the above AND unlimited phone and email access to myHRcounsel’s ERISA, ACA compliance, and HR issue attorneys in all 50 states. ($165 per month if creation of IRS Form 5500 is included). 
     
    Click here now to request more information on this game-changing service partnership.
  • Important Reminder: PCORI Fees Due By July 31st, 2018

    The Patient-Centered Outcomes Research Institute (PCORI) trust fund fee was established by the Affordable Care Act and is assessed for each plan year ending after September 30, 2012 and before October 1st, 2019. The fee is applicable on sponsors of self-insured plans and is intended to help fund medical research.

     

    Essential StaffCARE has prepared a helpful guide to understanding and calculating PCORI fees.

    Please review the guide here.

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