Offering a benefits program can be one of the most challenging, yet rewarding decisions an employer can make. Administering a plan and managing it however, require certain actions and responsibilities. Many employers are unaware of their responsibilities as plan sponsors. Unfortunately, being unaware or uninformed does not exempt an employer from ERISA violation penalties. The Department of Labor and the IRS are the enforcement agencies responsible for cracking down on employers who are not in compliance. When it comes to compliance, an ounce of prevention goes a long way and will save you the hassle and headache of a penalty, fine or worst, a law suit.
TDG has worked with numerous employers, whether it be a simple compliance assessment to assisting with an audit or Form 5500 filings. No matter the compliance challenge, we’re up for the task.