ERISA (Employee Retirement Income Security Act of 1974)

Congress enacted ERISA in 1974 to protect employees, plan participants, and beneficiaries from alleged mismanagement of employee benefit plan funds. ERISA establishes complex reporting and disclosure obligations, as well as specific schedules for the vesting, accrual, and funding of pension benefits. It also imposes strict standards of care, duties of loyalty, and many other plan administrator/fiduciary responsibilities.

Lassiter-Ware provides its clients with annual 5500 form preparation, on a complimentary basis, for all applicable plans, to ensure that ERISA filing requirements are met. This service typically costs $100-$500 per filing when provided by a CPA or consulting firm.

All welfare plans must comply with the general requirements of ERISA.

General compliance requirements include:

     •   Written Plan Documents
     •   Actions Following Plan Document Direction
     •   5500 Form Filing

ERISA does not preempt other Federal laws. Thus, employers sponsoring ERISA health, retirement or welfare plans must continue to comply with all other applicable Federal laws, making sure that all plan documents are consistent with both. Some examples of non-ERISA Federal laws, which govern the administration of employee benefit plans include:

     •   Americans with Disabilities Act (ADA)
     •   Family and Medical Leave Act (FMLA)
     •   Internal Revenue Code
     •   Age Discrimination in Employment Act (ADEA)
     •   Pregnancy Discrimination Act (PDA)

Compliance with Federal law is considered a fiduciary duty. A complete review of all compliance requirements is performed by your Lassiter-Ware Benefits Consultant for each client on an annual basis. An attorney from the well-known, national labor law practice of Ford & Harrison oversees this service.

HIPAA (Health Insurance Portability and Accountability Act of 1996)

HIPAA was passed with the intention of easing employee fears as they transition from one employer to the next. The law imposes limits on group health plans’ ability to exclude coverage of pre-existing conditions.

If an employee maintains coverage for 12 consecutive months, with no coverage lapse greater than 63-days, and becomes covered under a new employer health plan, the new plan cannot invoke any pre-existing exclusions. It must cover the employee’s pre-existing medical problems upon enrollment in the plan (newborns and adopted children covered within 30-days of adoption are not subjected to the waiting period).

Lassiter-Ware is committed to ensuring that its clients and carriers are HIPAA-compliant, and to assisting individual employees with their transition of coverage. We provide our clients with a full review of their existing HIPAA compliance forms and procedures. A comprehensive, customized HIPAA manual is also available upon request.