FSBTU Class: Is Your Company Prepared for an EBSA Audit

Is Your Company Prepared for an Employee Benefits Security Administration (EBSA) Audit? 

Presented by Bradley J. Smith - INSPRO Benefits Division

Lunch provided from 11:30 a.m. -12 p.m. * Workshop from 12 - 1:30 p.m.

Is your employee benefit program one of many that fail to meet the minimum reporting and disclosure requirements of ERISA?  Virtually all employer group benefit plans are subject to ERISA regulations down to as few as 2 employees.

There has been a noticeable increase in audit activity by the U.S. Dept. of Labor on plan compliance and ERISA regulations.  At this workshop, we will address this as well as discuss up-to-date information on the Patient Protection and Affordable Care Act (PPACA) as it relates to the new ERISA SPD requirements.

We will review a number of critical issues in our discussion and will provide you with information to check to see if your plan is in full compliance.

Among those issues are:

?        What benefit plans are subject to ERISA?

?        Do you have an ERISA plan Document?

?        Do you have an SPD (Summary Plan description)?

?        If yes, have you distributed the SPD to each participant within 90 days of his/her first day of coverage?

?        Have you ever amended your ERISA Plan Document/Summary Plan Description?

?        If yes, did you provide an SMM (Summary of Material Modification) to your employees?

?        If you have over 100 enrolled participants in any benefit, have you ever filed a Form 5500 with applicable schedules?

Failure to comply with these and other requirements can result in severe penalties. For example:

?        Failure to distribute Summary Plan Descriptions to your participants carries a penalty up to $110 per day per participant.

?        A penalty for failure to file a form 5500 can carry a penalty of as much as $1,100 per day, to a maximum of $30,000 annually.

Use this workshop as an opportunity to get informed and ask questions. 

Reservations are due by May 18th.