Wana pay tons of money to the government? Step One: Don’t change a thing.

Everything is going great

Just when you thought you couldn’t be more ‘in compliance’…someone opens their mouth, and out comes ERISA. whether you know much about it or not, if any of the following apply to you, you need to know more.

· Do you offer employee benefits to your workers?

· Do you have a 401K with employee participation?

· Do you offer Voluntary Benefits pretax? (ie: Aflac policy)

· Do you pay for anyone’s personal health policy?

If you answered ‘Yes’ to any of these questions then you need to know more about the Employee Retirement Income Security Act (ERISA.) It’s been around since 1974, so it’s not new, and like most issues, if it’s not causing problems we let it stay in the back of our minds.

Now for the dramatic “But,”

What we have found is that even though it’s been around for a long time, 90% of business owners are out of compliance with major provisions in the law. It’s hasn’t been a big deal because the Department of Labor hasn’t really been enforcing ERISA Compliance, till now. We have heard that recently the DOL has or is hiring as many as 800 new investigative and enforcement agents to start working on compliance issues with business owners. One recent DOL visit cost a business owner $84,000 in fines. The Government has some big bills to cover; they have to pay for 800 new agents not to mention a rather large Health Care Reform. Another worry that shouldn’t be forgotten is; since 2010 information is being shared between agencies like never before. DOL, IRS, DMV, EDD, and other agencies are sharing the information with other sister agencies in order to maintain across the board “compliance.” In some cases, regulations set by these government agencies are prompting medical offices, and hospital, and even insurance companies to share information that hasn’t been shared in the past.

Salvation is simple

In order to keep you money and not pay costly fines, all you need to do is be in compliance with ERISA. It’s simple as that. (*sigh*) Getting in compliance yourself can be done. It’s 2013, we have the internet. So as long as you can read and follow short extensive and simple complicated government instructions you can do this all yourself. Or you can do what other 10% of employers that are in compliance, do. They contract out an ERISA administrator. For an annual fee the ERISA administrator provides all the documentation and information you need to be in compliance, with their simplified instruction, and provided documentation you don’t spend time figuring out what the government was trying to say, you can avoid the stress of worrying about a visit from the Dept. of Labor and spend time running your business, and doing the job you should be doing.

For more information about ERISA compliance contact our benefits department. They can help you start your ERISA management plan for as little as $400.00 per year plus a one time set up fee of 250.00. This is a service that we have contracted through a third party. This is not a profit center for us. We are only interested in protecting our clients as best as we can. We are here to help.

Bacome Insurance Agency 559-584-3323

Jeff Silvester