Maintaining compliance is an ongoing process, not a milestone to reach, pass and leave behind. It involves knowing federal regulatory laws that govern the design, maintenance and operation of employee benefit plans. These laws must be addressed by benefit specialists, human resource managers and company executives in all industries, regardless of size. Here are just a few of the main compliance issues monitored on an ongoing basis:
Updated audit protocols from the Department of Labor's Employee Benefits Security Administration (EBSA) include a review for compliance with the Affordable Care Act (ACA), the Genetic Information Nondiscrimination Act (GINA) and wellness plans. Based on the change in audit protocols, it seems that the EBSA is increasing its review efforts, with a particular focus on compliance with the ACA.
The EBSA examines health plans for compliance with a number of laws, including the Employee Retirement Income Security Act (ERISA), the Health Insurance Portability and Accountability Act (HIPAA), the Women's Health and Cancer Rights Act (WHCRA) and the Consolidated Omnibus Budget Reconciliation Act (COBRA).
These laws, and many more, carry some penalty, fine or legal action for noncompliance. Our goal is to assist our clients in staying in compliance. It's important to have a reliable partner to turn to when you need that extra knowledge to answer questions or help with compliance filing deadlines.