We are excited to introduce our Health and Welfare Plan Voluntary Audit Service to help businesses like yours ensure their health and welfare plans are compliant with the Employee Retirement Income Security Act (ERISA). As you may know, ERISA is a complex set of regulations that governs employee benefit plans, including health and welfare plans. Failure to comply with ERISA can result in costly fines and penalties, not to mention damage to your company's reputation.
Our voluntary audit service is designed to provide peace of mind by identifying any potential issues with your health and welfare plan before they become a problem. This includes the review of ERISA plan documents and reporting and disclosure materials for ERISA plans, among other things.
Some of the benefits of conducting a voluntary audit include:
- Avoiding Costly Penalties: In 2021 alone, the DOL recovered more than $2.5 billion in payments for plan participants, beneficiaries, and the U.S. Treasury. By conducting a voluntary audit, you can identify and correct any potential compliance issues before they lead to costly penalties and fines.
- Protecting Plan Participants: A voluntary audit can help ensure that your health and welfare plan is meeting its obligations to plan participants, such as providing timely and accurate information about benefits, and protecting the privacy of participant information.
- Improving Plan Efficiency: Our audit will also review your plan's administrative processes and procedures to identify any inefficiencies or areas for improvement. By streamlining processes, you can save time and money while ensuring the plan is being administered effectively.
We understand that every business is unique, which is why our voluntary audit service is tailored to your specific needs. We’ll work with you to ensure that your health and welfare plan is compliant with ERISA regulations, while also providing recommendations to improve plan efficiency.
Please contact us with any questions and to schedule an ERISA Health and Welfare Plan Voluntary Audit.
Robert D. Burgee is an attorney at Fraser Trebilcock's Lansing office with over a decade of experience counseling clients with a focus on corporate structures and compliance, licensing, contracts, regulatory compliance, mergers and acquisitions, and a host of other matters related to the operation of small and medium-sized businesses and non-profits. He can be reached at firstname.lastname@example.org, or at 517.377.0848.
Sharon Goldzweig is Of Counsel at Fraser Trebilcock, specializing in matters pertaining to employee health and welfare benefits. In a field where the laws are constantly changing, Sharon is constantly looking out for anything that might involve her clients including changes to ERISA and other federal laws. She can be reached at email@example.com, or at 718.808.5140.