Regardless of your company’s size, ensuring compliance is crucial. Let our compliance team at benecurv provide you with a complimentary review of your compliance practices to ensure you are not exposed to any costly fines due to non-compliance.

2. Our Company
Offering employee benefits like health insurance or a
retirement plan can be a significant advantage for small
businesses, attracting and retaining top talent. However,
venturing into this arena brings the legal responsibility of
ERISA compliance. Navigating the complexities of the
Employee Retirement Income Security Act (ERISA) can
feel daunting,

3. Simplified Guide to ERISA Compliance for Small
Businesses:
Why You Should Care:
ERISA sets minimum standards for managing employee benefit plans,
primarily to protect employee interests and ensure financial security.
While many small businesses are eligible for exemptions, neglecting
ERISA compliance can lead to hefty fines, lawsuits, and plan
disqualification.
Do You Need to Comply?:
Generally, if your business offers an employee benefit plan with
one or more participants, you fall under ERISA compliance.
Exemptions exist for certain plans, like unfunded welfare plans
with limited benefits and limited participation. Consulting with
an attorney or HR professional is highly recommended to
determine your specific situation.

4. Navigating the
Essentials:
Understand Key Compliance
Understand Key Compliance
Areas:
Areas:
Plan Documents: Create a clear document outlining plan
rules, eligibility, and administration procedures.
Reporting & Disclosure: Submit regular reports to the
government and share important information with
participants.
Fiduciary Duties: Act in the best interests of participants
when making plan decisions.
Claims Administration: Establish fair procedures for
processing and resolving benefit claims.
Seek Expert Guidance: Partner with an attorney or HR
professional specializing in ERISA compliance.
Invest in Quality Plan Documents: Utilize reliable resources and
professionals to draft comprehensive and compliant
documents.
Automate Reporting & Disclosure: Leverage technology to
simplify reporting and disclosure tasks.
Educate Yourself & Employees: Stay informed about ERISA
changes and educate employees about their rights and
responsibilities.
Tips for Success:
Tips for Success:

5. Beyond the
Basics:
Additional
Resources:
Beyond the Basics: Additional Resources:
Avoid Common Mistakes: Be aware of pitfalls like missing
or inadequate plan documents, insufficient participant
disclosures, and neglecting fiduciary duties.
Understand Penalties: Non-compliance can lead to fines,
participant lawsuits, and even plan disqualification.
Ongoing Compliance: Compliance is not a one-time
event. Regularly review and update your plan
documents, procedures, and compliance practices.
U.S. Department of Labor Employee Benefits Security
Administration (EBSA):
Society for Human Resource Management (SHRM):
International Foundation of Employee Benefit Plans
(IFEBP):

6. Taking It Further: ERISA Compliance for
Specific Benefit Plans
Health Insurance Plans Retirement Plans:
While the previous sections provide a general overview, specific compliance nuances exist
for different employee benefit plans. Let's delve deeper into two common options for small
businesses:
Types of Plans: Understand the distinct compliance
requirements for different retirement plans like simple
IRAs, SEP IRAs, 401(k) plans, and profit-sharing plans.
Nondiscrimination Testing: Ensure your plan design
and administration do not discriminate against certain
employee groups.
Vesting Schedules: Determine vesting schedules for
employer contributions to ensure participants have
ownership rights after a specific period.
HIPAA Regulations: Beyond ERISA, health
insurance plans must also comply with the Health
Insurance Portability and Accountability Act
(HIPAA), protecting patient privacy and medical
information.
COBRA Continuation Coverage: Employers
offering health insurance must provide eligible
employees with the option to continue coverage
under COBRA after certain qualifying events.

7. Remember:
Consulting with an attorney or HR professional
specializing in the specific plan type is crucial for accurate
guidance.
Additional Considerations:
State-Specific Regulations: Be aware of any state-specific
laws or regulations affecting employee benefit plans in
your area.
Recordkeeping Requirements: Maintain accurate records
of plan documents, participant activity, and financial
transactions for at least six years.
Plan Audits: Depending on the plan type and participant
number, independent audits might be necessary.

8. Conclusion:
Understanding the complexities of ERISA compliance can feel overwhelming, but remember, you don't
have to navigate it alone. By leveraging professional guidance, actively seeking educational resources,
and implementing best practices, your small business can effectively manage employee benefit plans
while ensuring compliance and protecting your employees' interests. This ultimately fosters a positive
work environment and contributes to your business.

9. Call to Action:
Download our free checklist: "Top 10 ERISA
Compliance Essentials for Small Businesses."
Schedule a consultation with our ERISA compliance
expert.
Join our upcoming webinar: "Demystifying ERISA
Compliance for Small Businesses."
Remember to replace the call to action with your specific
offerings and resources. With this enhanced content, you
can empower small businesses to confidently navigate
the world of ERISA compliance and offer valuable benefits
to their employees.

10. Reach Out
www.benecurv.com
clientsuccess@benecurv.com
(888) 322-9800
7101 Wisconsin Avenue, Suite
1200, Bethesda, MD 20814