Stay compliant with ERISA requirements for employee benefit plans. Complete checklist covering Form 5500, SPDs, fiduciary duties, and participant rights.
The Employee Retirement Income Security Act (ERISA) is a federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry. ERISA provides protections for individuals covered by these plans.
ERISA applies to employer-sponsored group health plans, including medical, dental, vision, life insurance, and disability coverage. It does not apply to government or church plans, workers' compensation, or individual policies.
| Violation | Penalty |
|---|---|
| Failure to file Form 5500 | $250/day, up to $150,000 per plan |
| Failure to provide SPD | $110/day per participant |
| Failure to provide SAR | $110/day per participant |
| Breach of fiduciary duty | Personal liability + 20% excise tax |
| Prohibited transactions | 15% excise tax (100% if not corrected) |
Planlined helps brokers manage the complexity of employee benefits with automated comparisons, proposals, and documentation.
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