The Employee Retirement Income Security Act of 1974 (ERISA)
is a federal law that sets minimum standards for retirement and health
benefit plans in private industry. ERISA does not require any employer to
establish a plan. It only requires that those who establish plans must
meet certain minimum standards.
ERISA covers retirement, health and other welfare
benefit plans (e.g., life, disability and apprenticeship plans). Among
other things, ERISA provides that those individuals who manage plans (and
other fiduciaries) must meet certain standards of conduct. The law also
contains detailed provisions for reporting to the government and
disclosure to participants. There also are provisions aimed at assuring
that plan funds are protected and that participants who qualify receive
their benefits.
ERISA has also been expanded to include new health
laws. The Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA)
amended ERISA to provide for the continuation of health care coverage for
employees and their beneficiaries (for a limited period of time) if
certain events would otherwise result in a reduction in benefits. The
Health Insurance Portability and Accountability Act of 1996 (HIPAA)
amended ERISA to make health care coverage more portable and secure for
employees.
EBSA's compliance assistance information will assist
employers and employee benefit plan officials in understanding and
complying with the requirements of ERISA as it applies to the
administration of employee retirement, health and other welfare benefit
plans.
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An Employer's Guide to Group Health Continuation Coverage Under COBRA
– The Consolidated Omnibus Reconciliation Act of 1986 [View] [In Spanish]
COBRA
Continuation Health Coverage FAQs Provide a general explanation of COBRA requirements,
outline the rules that apply to health plans for employees in
the private sector, and spotlight benefits under the law.
Compliance
Assistance Guide – Health Benefits Coverage Under Federal Law
– Includes general descriptions of the four health care laws and
FAQs. It also includes a self-compliance tool that can help to determine compliance with
HIPAA, MHPA, the Newborns’ Act, and WHCRA with compliance tips that relate to common mistakes. This publication also includes a chart summarizing the laws’ notice requirements and provides model language that can be used to comply.
HIPAA
FAQs – The Health Insurance Portability and Accountability Act of
1996 (HIPAA), amended the Employee Retirement Income Security
Act to provide new rights and protections for participants and
beneficiaries in group health plans.
The
Form M-1 Online Filing System is an
electronic filing system for the Form M-1 annual report for multiple
employer welfare arrangements. The system
allows filers to complete the form and submit it at no
cost. This system is an example of an E-Government initiative which uses improved
technology to make it easier for citizens and businesses to
interact with the government.
Form
M-1 Annual Report – This form is required to be filed under section 101(g) and
section 734 of the Employee Retirement Income Security Act of
1974, as amended (ERISA), and 29 CFR 2520.101-2.
FAQS on the Form
M-1 – Frequently asked questions
and answers regarding the Form M-1 filing requirements.
Claims Procedure Final Rule
– Final regulations revising the minimum requirements for benefit claims procedures of employee benefit plans covered by Title I of the
ERISA.
Model Notice of Multiemployer Plan in Critical Status Model Notice - The PPA of 2006 amended ERISA and the IRC to require that sponsors of multiemployer defined benefit pension plans that are in endangered or critical status provide notice to participants. The model notice is intended to facilitate compliance with this notification requirement.
Meeting
Your Fiduciary Responsibilities – To meet their responsibilities as plan sponsors, employers need to
understand some basic rules, specifically the Employee Retirement
Income Security Act (ERISA). ERISA sets standards of conduct for
those who manage an employee benefit plan and its assets (called
fiduciaries). This publication provides an overview of the basic
fiduciary responsibilities applicable to retirement plans under the
law.
Selecting
An Auditor For Your Employee Benefit Plan – Federal law requires employee benefit plans with 100 or more
participants to have an audit as part of their obligation to file the
Form 5500. This booklet will assist plan administrators in
selecting an auditor and reviewing the audit work and report.
Selecting
And Monitoring Pension Consultants – Tips For Plan Fiduciaries –
ERISA requires that fiduciaries of employee benefit plans administer and manage their plans prudently and in the interest of the plan’s participants and beneficiaries. In carrying out these responsibilities, plan fiduciaries often rely heavily on pension consultants and other professionals for help. Findings included in a report by the
SEC released in May 2005, however, raise serious questions concerning whether some pension consultants are fully disclosing potential conflicts of interest that may affect the objectivity of the advice they are providing to their pension plan clients.
Tips
For Selecting And Monitoring Service Providers For Your Employee
Benefit Plan – Business owners are
responsible for ensuring that their 401(k) plans comply with Federal law
and rely on other professionals to assist them with
their plan duties. Selecting a
service provider is one of the most important responsibilities of a plan
sponsor.
401(k) Plan Fees Disclosure
Tool – A form that provides employers with a handy way to make
cost-effective decisions and compare the investment fees and
administrative costs of competing providers of plan services.
Now available in MS
Word format.
QDRO's
- An Overview – QDRO's are domestic relations orders that recognize the existence of
an alternate payee's right to receive benefits payable to a
participant under a pension plan.
Drafting
QDRO's – Outlines the procedure for dividing pension benefits, defines
survivor benefits, and explains the form of payment for QDRO's.
Employee
Plans News – A publication of the Employee Plans office of the
Tax Exempt and Government Entities Operating Division of the
IRS. This quarterly newsletter provides information about
current developments and upcoming events within the retirement plans
arena.
Meeting
Your Fiduciary Responsibilities – To meet their responsibilities as plan sponsors, employers need to
understand some basic rules, specifically the Employee Retirement
Income Security Act (ERISA). ERISA sets standards of conduct for
those who manage an employee benefit plan and its assets (called
fiduciaries). This publication provides an overview of the basic
fiduciary responsibilities applicable to retirement plans under the
law.
Understanding Retirement Plan Fees And
Expenses – This booklet will help retirement plan sponsors better understand and
evaluate their plan's fees and expenses. While the focus is on
fees and expenses involved with 401(k) plans, many of the principles
discussed in the booklet also will have application to all types of
retirement plans.
Selecting
An Auditor For Your Employee Benefit Plan – Federal law requires employee benefit plans with 100 or more
participants to have an audit as part of their obligation to file the
Form 5500. This booklet will assist plan administrators in
selecting an auditor and reviewing the audit work and report.
401(k)
Plans For Small Businesses – This booklet highlights some
of a 401(k) plan's advantages, some of the options and
responsibilities of an employer operating a 401(k), and the
differences among the types of 401(k) plans.
401(k) Plan Fees Disclosure
Tool – A form that provides employers with a handy way to make
cost-effective decisions and compare the investment fees and
administrative costs of competing providers of plan services.
Now available in MS
Word format.
Employee
Plans News - A publication of the Employee Plans office of the
Tax Exempt and Government Entities Operating Division of the
IRS. This quarterly newsletter provides information about
current developments and upcoming events within the retirement plans
arena.
Final Rule – Annual Reporting and Disclosure – The final rules conform the
Department's annual reporting regulations to the changes to the Form
5500 Annual Return/Report.
Notice of
Adoption of Forms Revisions – The Notice of Adoption of Forms
Revisions describes changes to the Form 5500 Annual Return/Report
for reporting years beginning on or after January 1, 2009, including
a new Short Form 5500 (5500-SF) for eligible plans. Filers are cautioned that the forms appearing in the Federal Register are for information purposes only and cannot be used for filing. Filers should monitor the EFAST Web site for information on approved software vendors for completing the 2008 and later forms and on the availability of the official government-printed forms.
Technical Appendix
– Providing supporting documentation for the Regulatory
Impact Analysis included in the Final Rule - Annual
Reporting and Disclosure.
Final Rule – Electronic Filing of Annual Reports – The Final Rule establishes an electronic filing requirement for the Form 5500 Annual Return/Report. The electronic filing requirement was deferred from reporting years beginning on or after January 1, 2008, to reporting years beginning on or after January 1, 2009 by the Final Rule above under 2009 Form 5500 Revision.
General Reporting And Filing Compliance Assistance
2009
Form 5500 Schedule C FAQs - The purpose of these FAQs is to provide guidance to plan administrators and service providers on complying with the requirements of the 2009 Form 5500 Schedule C.
Delinquent
Filer Voluntary Compliance Program FAQs – FAQs that explain the program that is
designed to encourage voluntary compliance with the annual
reporting requirements under the Employee Retirement Income
Security Act.
Delinquent
Filer Voluntary Compliance Program Penalty Calculator and
Online Payment The calculator is provided to aid in the filing process and
to reduce the number of over and under payments made to the
DFVCP. While use of the calculator is not required, it
is highly recommended to ensure compliance with the program's
requirements. Penalties computed using the calculator can
then be paid online.
Selecting An Auditor For Your Employee Benefit Plan
- Federal law requires employee benefit plans with 100 or more
participants to have an audit as part of their obligation to
file the Form 5500. This booklet will assist plan
administrators in selecting an auditor and reviewing the audit
work and report.
EFAST
A – Users' Guide for Electronic/Magnetic Media Filing of
Forms 5500 and 5500 EZ
EFAST B –
Part 1 – Electronic/Magnetic Media File
Specifications for Validation Criteria for Forms 5500 and
5500 EZ
EFAST
B – Part 2 – Electronic/Magnetic Media File
Specifications for Validation Criteria for Forms 5500 and 5500
EZ
EFAST
C – EFAST Participant Acceptance Testing Procedures
ERISA
Reporting Forms 5500/5500 EZ – The Form 5500 Series is
part of ERISA's reporting and disclosure framework, which is
intended to assure that employee benefit plans are operated
and managed in accordance with prescribed standards.
Guidance On Fiduciary Duties In Response To Recent Events Involving The Madoff Investment Firm - Guidance for fiduciaries, investment managers and other investment service providers to plans who believe they may have exposure to losses on investments with entities related to the Madoff firm. The guidance also provides steps that can be taken to assess and protect the interests of plans, participants and beneficiaries under the Employee Retirement Income Security Act (ERISA).
Meeting
Your Fiduciary Responsibilities – To meet their responsibilities as plan sponsors, employers need to
understand some basic rules, specifically the Employee Retirement
Income Security Act (ERISA). ERISA sets standards of conduct for
those who manage an employee benefit plan and its assets (called
fiduciaries). This publication provides an overview of the basic
fiduciary responsibilities applicable to retirement plans under the
law.
Understanding Retirement Plan Fees And
Expenses – This booklet will help retirement plan sponsors better understand and
evaluate their plan's fees and expenses. While the focus is on
fees and expenses involved with 401(k) plans, many of the principles
discussed in the booklet also will have application to all types of
retirement plans.
401(k) Plan Fee Disclosure Tool
– A form that provides employers with a handy way to make cost-effective decisions and compare the investment fees and administrative costs of competing providers of plan services.
Selecting
An Auditor For Your Employee Benefit Plan – Federal law requires employee benefit plans with 100 or more
participants to have an audit as part of their obligation to file the
Form 5500. This booklet will assist plan administrators in
selecting an auditor and reviewing the audit work and report.
ERISA
Advisory Opinions – The policies, regulations, opinions,
and interpretation regarding the fiduciary, reporting,
disclosure, and coverage provisions of ERISA.
Class Exemptions
– A class exemption is an administrative "blanket"
exemption, which permits a person to engage in a similar
transaction or a series of similar transactions with plan in
accordance with the terms and conditions of the class
exemption, without requiring the person to obtain an
individual exemption.
EXPRO
Exemptions – PTE 96-62 currently requires that applicants demonstrate that
their proposed transactions are substantially similar to
transactions in at least two exemptions previously granted by
the department within five years of their submission.
Individual
Exemptions – An individual exemption is an administrative
exemption, which applies only to the specific person named or
otherwise defined in the exemption, and allows such person to
engage in a variety of transactions that would be otherwise
prohibited.
Exemption
Procedures Under Federal Pension Law – This booklet provides information to employers, plan
administrators and employee benefit practitioners about the
basic requirements and procedures needed to apply for
exemptions from the prohibited transaction rules of ERISA.
Voluntary
Fiduciary Correction Program (VFCP) – A voluntary
compliance program intended to protect the financial security
of workers through the identification and correction of
transactions that violate Part 4 of Title I of ERISA.
Strategic
Enforcement Plan (STEP) – Explains the general framework
through which EBSA's enforcement resources may be focused to
achieve the agency's policy and operational objectives.
The Enforcement
Manual – A manual providing detailed information on
procedures used by the EBSA Office of Enforcement in its
investigative programs.
Automatic
Enrollment 401(k) Plans - This booklet provides an overview of automatic enrollment 401(k) plans, which can increase plan participation and make it easier for employers to withhold employee contributions and select investments for those contributions.
Choosing
A Retirement Solution for Your Small Business video - The Choosing a Retirement Solution for Your Small Business video helps small employers and accountants understand the various options for providing a retirement program through four real-life experiences.
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401(k)
Plans For Small Businesses – This booklet highlights some
of a 401(k) plan's advantages, some of the options and
responsibilities of an employer operating a 401(k), and the
differences among the types of 401(k) plans.
Payroll Deduction IRAs For Small Businesses
– Want to help your employees save for retirement but don’t want the responsibility of an employee benefit plan? Think about a payroll deduction IRA program.
Small
Business Retirement Savings Advisor – This elaws Advisor
provides answers to a variety of questions about retirement
savings options for small business employers and determines
which program is most appropriate for a business.
The Voluntary Fiduciary Correction Program
(VFCP) encourages voluntary compliance by
self-correcting violations of the law. The program also helps plan
officials understand the law and gives immediate relief from
payment of excise taxes under a class exemption.
The Delinquent Filer Voluntary Compliance Program
(DFVCP) encourages voluntary compliance with
ERISAs annual reporting requirements and gives delinquent plan
administrators a way to avoid higher civil penalty assessments
by satisfying the program’s requirements and voluntarily paying a
reduced penalty.
The Abandoned Plan
Program facilitates the termination of, and distribution of
benefits from, individual account pension plans that have been
abandoned by their sponsoring employers. The program was
established pursuant to three final regulations and a related
class exemption and is administered by EBSA national and regional
offices.
Abandoned Plan Search
– This search helps participants and others find out whether a plan is in the process of being, or has been, terminated and the name of the Qualified Termination Administrator
(QTA) responsible for the termination.
Federal Register Final Rule – This document contains three final regulations under ERISA that facilitate the termination of, and distribution of benefits from, individual account pension plans that have been abandoned by their sponsoring employers.
Class Exemption
– Class exemption for services provided in connection with the termination of abandoned individual account plans.
Distributions for Missing
Non-Spouse Beneficiaries Final Rule – This document contains an interim final rule amending regulations that provide guidance and a fiduciary safe harbor for the distribution of benefits on behalf of beneficiaries in terminated and abandoned individual account plans.
Class Exemption
– This document contains a proposed amendment to Prohibited Transaction Exemption
2006-06 for services provided in connection with the termination of abandoned individual account plans.
Model Notice of Intent to Terminate Plan
– A qualified termination administrator may
use this notice to inform a plan sponsor of a proposed
termination, pursuant to § 2578.1(b)(5).
Model Notice of Plan Termination
– A qualified termination administrator
may use this notice to inform participants and beneficiaries
of the termination, pursuant to § 2578.1(d)(2)(vi).
Model Final Notice
– A qualified termination administrator
may use this notice to inform EBSA that the termination
process has been completed and that all benefits have been
distributed, pursuant to § 2578.1(d)(2)(ix).