ERISA only applies to private sector employers as government and church plans are exempt.Ĭonsolidated Omnibus Budget Reconciliation Act (COBRA)Įnacted in 1986, COBRA includes requirements for portability of certain health and welfare benefits. Numerous laws have included various amendments to ERISA since it’s passing in 1974. It governs both retirement as well as health and welfare benefit plans. The complexity of the law makes compliance extremely difficult so it’s important to have access to someone who knows it well.Įmployee Retirement Income Security Act (ERISA)ĮRISA was passed back in 1974. It impacts employers, employees, insurance companies, health care providers, medical device manufacturers and more. Passed in 2010, ACA has been implemented in stages over the last 12 years. Understanding each in-depth will ensure that your clients don’t miss anything. A few of them were enacted years ago and have seen changes, but their importance has not dwindled. While there are many regulations to comply with, there are four major laws to be aware of. We created this resource which covers all the scenarios and details about health and welfare compliance brokers should know about. If a company or organization is moving from one size threshold to another, they could potentially miss areas of compliance if they’re misinformed. Not only is every type of business and organization affected, but brokers are impacted as well as consumers.Īdditionally, the size of a company makes a difference as to what they’re subject to. Private and public sector businesses, nonprofit organizations and any business that offers benefits need to be aware. This will not only protect the interests of the clients, but also help businesses to avoid penalties. From consumer to business, brokers need to understand how each is affected. Health and welfare compliance impacts everyone that a broker serves. We have broken down everything to focus on in 2023 to help keep your clients on track. Understanding the most important parts of compliance all around can benefit both you and your clients. It can be especially difficult to know what areas to focus on when you have clients with varying needs. Compliance can be complex and ensuring that your clients are adhering to the requirements can be challenging.
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