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Non-Compliance with ERISA and ACA Requirements Could Cost You Plenty

Business Next
January 13, 2016 1:00 PM

Regional BusinessFew small business owners understand the ins and outs of the myriad ERISA requirements, including Summary Plan Descriptions, Summary of Benefits and Coverage, wrap documents, common control requirements, etc.

Most small businesses simply don't have enough time or people to spend time on plan issues. This fact is exactly what the Employee Benefit Security Administration (EBSA) is counting on and why there has been a significant increase in the number of ERISA Audits and fines on small businesses. The “documents and information request” that comes with the notice of audit has 29 “requests” - many with multiple documents that need to be produced. Michael Rogers, vice president communications for the Small Business Association of Michigan, talks with HR strategy and benefits expert, Gary Kushner, about the vital importance of complying with ERISA and ACA rules and regulations – and what you can do to make sure you don’t run afoul of the law.

Business Next, hosted by Michael Rogers, has tips and advice on how small business owners can be more efficient, profitable and successful.

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