Helping businesses with 2-20 employees stay compliant
In 2014 the Microbusiness Sales Division developed an expanded list of services for both current and prospective Microbusiness Clients in response to IRS Notice 2013-54. These new service offerings are for employers with 2-20 employees: the No Limit Plan, Non-Employer Sponsored Premium Plan (NESP), and the Non-Excepted Flexible Spending Accounts Plan (NEFSA).
Employers with More than One Employee Have More Compliance Requirements
When it comes to employee benefits Plans, employers with more than one employee are governed by additional compliance regulations from the Internal Revenue Service (IRS), Patient Protection and Affordable Care Act (PPACA), Employee Retirement Income Security Act (ERISA), and the Health Insurance Portability and Accountability Act (HIPAA).
- Failure to comply with these Acts could threaten the compliance or your Client’s Plan, cost them thousands of dollars a year in tax savings and land them with a stiff penalty.
- Department of Labor audits are on the rise, in fact the DOL has a goal of auditing all employee benefit Plans by the end of 2015! Employers can be fined as much as $100 per day per employee for certain ERISA violations.New Microbusiness Compliance Suite Makes it Easy to Manage Employee Benefits Plans
- Recognizing the challenges that these small business owners face, TASC developed the new Microbusiness Compliance Suite. This bundled service offering makes it easy for Clients with 2-20 employees to keep their Plan compliant and allows them to focus on what they do best — run their business. Not only does it provide your Clients with the necessary information and Notices, it’s less expensive than if they were to purchase each service separately:
Your multi-employee Clients are understandably overwhelmed by the rules and regulations they face and fear hefty penalties and fines if they aren’t in compliance.
- ERISAEdge – Employers face specific deadlines for disclosing Plan information to eligible employees. ERISAEdge takes care of all the necessary documents, Notices and record keeping for your Client.
- HIPAA Compliance – Employers who sponsor a self-insured health Plan, Flexible Spending Account and/or Health Reimbursement Arrangement must protect the privacy of their employees’ Protected Health Information (PHI). TASC provides all of the necessary documentation and tools to train staff members who handle PHI.
- Annual Notices, including Medicare Part D – Employers are required to provide Notices to their employees on such subjects as the Women’s Health and Cancer Rights Act (WHCRA), Children’s Health Insurance Program (CHIPRA), and Patient Protection Rights. TASC’s Healthcare Reform Notices service will provide your Client with all of the required notices and instructions for distribution.
Would your 2-20 employee Clients pass a DOL audit? Ready to learn more? Contact your Microbusiness Regional Sales Director, email firstname.lastname@example.org, or call us at 800.422.4661