Five Top Tips for Benefit Plan Communications
The Employee Retirement Income Security Act (ERISA) is a federal law establishing minimum standards for employee health benefit and retirement plans. While an employer is not required to establish a plan, ERISA does require those who establish and administer plans to meet certain standards. For example, plan administrators must provide participants written disclosures, such as a summary plan description (SPD) in a clear and easy to understand format about the company’s employee benefit plans.
Supreme Court Rules SPD Statements not Subject To ERISA
In a recent court ruling, the US Supreme Court unanimously ruled that inaccurate or misleading SPD statements were not subject to ERISA enforcement penalties or remedies. Regardless, employers should consider these five areas regarding benefit plan communications:
- Summary Plan Descriptions
- Communications Officer
- Regular Reviews
- Transparency in Changes
- Non-Summary Plan Descriptions
Learn More About the Five Top Tips for Benefit Plan Communications
To find get more details about each of the five top tips for benefit plan communications, be sure to read the featured article by the HR pros at MyHRSupportCenter, Five Top Tips for Benefit Plan Communications. If you’re not yet signed up or would like a free trial of MyHRSupportCenter, contact Vision Payroll today.
Phyllis Borzi, Assistant Secretary of Labor of EBSA
The
Employee Benefits Security Administration (EBSA)has given notice that it will hold a hearing to consider issues relating to the disclosure of fee, conflict of interest and other information by service providers to group health, disability, severance and other employee welfare benefit plans under §408(b)(2) of the Employee Retirement Income Security Act (ERISA).
Hearing to Be Held in Washington, DC
The hearing will be held on December 7, 2010, beginning at 9 am, EST, at the US Department of Labor, Room S-4215 (A-C), 200 Constitution Avenue, NW, Washington, DC 20210.
Meeting Agenda Has Been Released
The agenda for the hearing on disclosure of fees and expenses to welfare plan fiduciaries has been released and is available for download from the Vision Payroll website.
Vision Payroll