ERISA – It Covers More Than You Think

Date: Jul 11, 2017
By: Basi Insurance
In: 

Offering a vacation plan, sick time or holiday pay could mean your business has to follow these same federal ERISA requirements.

You probably heard of ERISA – the Employee Retirement Income Security Act of 1974. It’s the federal law regulating most group retirement and health plans. Did you know it extends to many other employer-sponsored benefits as well? Small and medium businesses may still have to follow ERISA requirements for their other group-sponsored benefit Plans, including:

  • Dental and Vision
  • Vacation
  • Holiday
  • Severance Pay
  • Unemployment Benefits

There continues to be certain exceptions for self-insured and voluntary plans. However, there are firm criteria for each of these exemptions that should be looked at carefully.

If your Plans fall under ERISA, there are certain reporting requirements for disclosing Plan information to employees. Of the strategies available, using a “wrap document” is one possible solution to bundle benefits into one plan. Basi Insurance Services, Inc. can help you analyze your group-sponsored employee benefits in light of ERISA. Call us at 209-847-3065 to learn more.

Recent Posts

We want you to know how to protect yourself, your family, and your businesses. Follow our blog for helpful tips, industry news, insight into current events, and more.

Do You Have a New Teen Driver?

Is There a Newly Licensed Driver in Your Home? Reduce the Stress by Understanding the ...

The Ease of Starting a Career in Insurance

It's easier than ever to start a career in insurance! After a week or so ...
group of elderly men and women

Frequently Asked Medicare Questions

Medicare is a federal government program that provides health insurance for people age 65 and ...