Your HR toolbelt is filled with programs and strategies to attract and keep employees, but one of the most important tools is a solid employee benefits program. Although it's crucial for your organization's success, navigating complex compliance regulations can be overwhelming. Not meeting regulations can be a nightmare with hefty fines, legal problems, and damage to your company's reputation. How can you make sure your employee benefits program stays up-to-date? To keep your program an asset to your company, rather than a liability, be sure you're in compliance with these four major national laws, as well as state and local regulations.
ERISA
The Employee Retirement Income Security Act (ERISA) is a federal law for private industry that sets minimum standards for how employers provide certain retirement and health plans. These standards include reporting and disclosure requirements, fiduciary responsibilities, and claims procedures. Partially enforced by the Employee Benefits Security Administration, the goal of the law is to protect employees' retirement assets.
Affordable Care Act (ACA)
The Affordable Care Act (ACA) was enacted to provide affordable healthcare opportunities to more people, expand Medicare, and support innovative and new models of care. Employer-sponsored health insurance requirements changed to require employers with 50 or more full-time employees (or full-time equivalents) to offer affordable, minimum-value health coverage to their full-time employees and their dependents.
COBRA and HIPAA
The Consolidated Omnibus Budget Reconciliation Act (COBRA) requires employers to continue offering group health insurance to employees and their families for a short time after specific situations, including voluntary or involuntary job loss, a reduction in work hours, divorce, and death.
The Health Insurance Portability and Accountability Act (HIPAA) sets national standards for the privacy and security of protected health information (PHI). Employers must ensure that their benefits plans and practices comply with HIPAA's privacy and security rules to safeguard employees' sensitive health data.
State and Local Regulations
In addition to federal regulations, employers must follow state and local employee benefits laws. These laws can vary significantly in different areas and may include additional requirements or restrictions related to benefits offerings, administration, and compliance.
For Florida businesses, the following state departments and programs are just a few of the helpful resources available for information regarding legal requirements, best practices, and specific programs available to employers and employees.
- FloridaCommerce: Created to advance Florida's economy, this resource shares information about the Reemployment Assistance Program, as well as state and federal display posters and required notices.
- Florida Division of Workers' Compensation: Part of the Florida Division of Financial Services, this resource shares information, notices, databases, and more related to worker's compensation insurance.
- Florida Health: This Florida department supports employee health by sharing information on a variety of health topics, including wellness initiative resources from around the country.
Navigating employee benefits compliance can be overwhelming, but consulting an experienced benefits professional can help mitigate your company's risks. By prioritizing compliance and staying up-to-date with ever-changing regulations, you can offer a competitive benefits package while protecting your organization from potential legal and financial problems.
Does your employee benefits program need a compliance check? Contact the Mulling team for a free Employee Benefits Review. We’ll review your strategy and help identify any gaps that may be leaving your company exposed.
