Why Use ERISAPros?

We Save You Money

Avoiding DOL Penalties
Being in compliance with ERISA can help you avoid costly government penalties. For example, failure to submit an annual Form 5500 on time can result in penalties of up to $1,100 per day. The fine for late delivery of a Summary Plan Description (SPD), Summary of Material Modification (SMM) or Summary Annual Report (SAR) can be as much as $110 per day.

These penalties apply to each plan, they are cumulative, and there is no statute of limitations for them. If an employer with four separate plans (group life, medical, dental, and disability insurance policies) files its Form 5500s just 30 days late, it can be fined $132,000!

Reducing Litigation, Jury Trials & Punitive Damages
Employee lawsuits over denied benefits are expensive and time consuming. They can be reduced if an employer is able to show that the claim was paid properly according to the terms of the SPD provided to the employee.

ERISA cases are tried in federal court rather than state court. This is a significant advantage for the employer/defendant. In federal court, there are no jury trials or punitive damages as there are in state courts.

Another advantage of having your case tried in federal court is that it is more difficult to overturn a plan administrator's claim decision in federal court. Having a compliant SPD means your dispute will be tried in a federal court rather than a state court.

Reducing Costs
ERISAPros' proprietary Wrap-Tightsm compliance and document system allows employers to save money by preparing and adopting a single wrap plan that covers all of their benefit plans. This means you only have to file one Form 5500 and distribute a single SPD, SAR, and SMM. If amendments are required in response to legislative or regulatory changes, you'll only need to make changes to one document, rather than once for each separate component benefit plan.

ERISAPros' plans are affordable, and, more importantly, they cost a fraction of what you might pay if your plans are found to be out of compliance.


 
We Help You Comply

An Important Part of Our Service
We help you stay in compliance by contacting you every year to check for changes that could affect your compliance.

The Law Could Change
ERISA's reporting and disclosure rules for health and welfare plans are intended to establish that important balance between the interests of the employer and the employee: the employee's right to know his or her benefits and the employer's right to rely on a uniform body of federal law, with all its advantages. Yet, the constantly changing laws in this area can seem daunting for an employer trying to stay in compliance.

For example, Healthcare Reform has been requiring changes to SPDs and plan documents at least annually. Document updates may also be required due to new court cases, or legislation and regulations.

With an ERISAPros Wrap-Tightsm Plan, we keep track of these changes for you so you can focus on the things that are important to you.

Documents Need to Change as Situations Change
A company's situation can change over time. You probably make some changes to your benefit plans every year as part of the renewal process, whether you change your deductible, copay, and/or waiting period, or you move to a new insurance carrier altogether. You might cross the 100-participant threshold that requires you to file a Form 5500. You may even buy another company or sell a subsidiary.

When you experience changes, your documents often need to change, too, in order to keep them in compliance with ERISA. Updating your Wrap-Tightsm documents from ERISAPros is easy and affordable.

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Our People, Practices & Products

Our People
At ERISAPros, our compliance specialists have years of experience-based knowledge and training in ERISA and employee benefit plans. We constantly and rigorously train our staff in this concentrated area. It's our goal to be the best at what we do, period.

Our Practices
ERISAPros gathers the information required to prepare customized documents that match the unique needs of each employer. We don't just send you a blank document or a template and hope that you fill it out correctly.

We are proactive. We contact our clients every year to see if their documents need updating. During the year, we are available for client consultations and to answer questions about the documents we prepared. We strive to anticipate and then exceed our clients' expectations.

Our Products
Our proprietary Wrap-Tightsm system of preparing plan documents, SPD wrappers, and Form 5500s is based on industry best practices. This allows us to be efficient and effective so that we can deliver state-of-the-art documents at an affordable cost.

You Can Rest Easy
Best of all, we are easy to work with, responsive, and professional.

"ERISAPros and our Wrap-Tightsm system is the 'gold standard' of compliance."

Call Today
You have nothing to lose, and perhaps much to gain, from a complimentary initial consultation with one of our compliance specialists. You will know, from this initial consultation, how long it will take and how much it will cost to create your wrap plan and SPD and prepare your 5500 to bring your plans into full ERISA compliance.

© 2017 ERISAPros, LLC, All rights reserved. Information on ERISAPros' website, its newsletter, “News & Views,” and its blog, “ERISA Wonk,” is published as a general informational source. Information and articles are general in nature and are not intended to constitute legal or tax advice in any particular matter. Blog posts and comments reflect the personal views of their respective authors - not those of ERISAPros. Transmission of this information does not create an attorney-client relationship. ERISAPros, LLC is not a law firm and is not giving legal or tax advice. It does not warrant and is not responsible for errors or omissions in the content on its website or in its newsletters. ERISA is a complicated and confusing law. Summary Plan Descriptions (SPDs), Wrap Plan Documents, and Form 5500s require review and updating by qualified ERISA compliance professionals.