Many companies struggle to complete the necessary compliance requirements; some even grapple with knowing where to begin.
As the penalties and fines for non-compliance increase annually, so do the scrutiny and oversight imposed, making health insurance compliance a more significant issue than ever before. Two compliance requirements that companies regularly fail to adequately meet are Form 5500 filing and ERISA wrap document. Client Executive Corey Van Houten out of our OneDigital Southern California office delves into why these two requirements cause so much trouble for companies and how they can improve in the article, “Meeting Compliance in the Era of ‘Repeal and Replace’” by California Broker Magazine.
In an ever-changing health insurance and benefits world, it is paramount that companies are continuously and proactively working to achieve compliance. The form 5500 filing and the ERISA wrap document are two on a long list of compliance requirements that present companies across the country with a consistent struggle. However, with regular assessment and education, and by utilizing tools like checklists and compliance calendars, a company can ensure it’s staying on track with various deadlines and can plan compliance initiatives with annual individual planning.
— Corey Van Houten, Client Executive, OneDigital Southern California
To learn more about how your company can meet compliance requirements, including correctly completing Form 5500 filing and ERISA wrap document, check out our compliance resources.