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ERISAdiagnostics, Inc. provides many services including:
Plan Governance
Review
Oversight and monitoring are key plan governance activities. ERISA provides that a person is a fiduciary to the extent he exercises any discretionary control respecting the management of
the plan or exercises an authority or control respecting management or dispositions of its assets or he has any discretionary responsibility in the administration of
the plan. Furthermore, fiduciary status is defined not only by reference to particular titles, but also by the authority which a person has or exercises over an employee benefit plan. By conducting a governance review, you
will obtain answers to the following questions:
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Who is responsible for the oversight of your benefit plans?
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What are the various committees responsible for oversight?
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Who makes decisions, decides claims disputes, interprets the plan, and selects investment options?
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Do
you have any functional fiduciaries?
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Are there any administrative policies and procedures that while not part of the plan document are critical in the administration of the plan?
Perhaps you have more fiduciaries than you thought. It is critical that you know who does what with respect to your plans. It is just as critical that you are sure that you clearly understand the role of your plan providers. Our governance review will provide an independent examination of the oversight structure that you have in place for your plans as well as examining the roles and responsibilities of the plan’s providers. When the review is completed you will have the
foundation for a compliance strategy for your plans.
Document Review
Are your participant communications and administrative tools consistent with your plan’s provisions? Have you documented all plan changes?
The purpose of this review is to determine consistency in the documents that govern the operation of the plan (plan document, administrative forms and manuals) and information that is communicated to participants (summary plan descriptions, other communication material). Employers with multiple service providers, employers with decentralized administration or employers who have merger and acquisition activity, find this type of review helpful.
Procedural
Assessment
Do you meet the EPCRS administrative procedures requirements? That is, do you have written administrative procedures that are uniformly followed?
The procedural assessment confirms the existence or lack of administrative procedures and assesses whether the key players in the administration of the plan are familiar with the plan and its procedures. Employers who have had a vendor change or a change in benefits staff find this type of review helpful.
IRS or DOL audit?
A compliance review simulates an IRS or DOL audit. The compliance review is based on data typically requested by the government when conducting a review. Employers preparing for an audit, as well as employers who have recently acquired another plan, welcome this type of review.
Targeted
Compliance Review
Is
there one aspect of your plan administration process that
concerns you?
This review focuses on a particular area of the plan’s operation, e.g., review of the
ADP/ACP test results, as well as the process for gathering the data. Employers who are concerned with recurring problems in certain areas, but are generally comfortable with the
overall plan administration process, find a targeted review invaluable.
Audit Preparation
Has
the IRS or DOL contacted you for an audit? We
will help you prepare.
We will assist you in preparing for an upcoming IRS or DOL audit to whatever extent is needed. Services range from a review and discussion of the plan’s current environment in the context of the government’s data request letter, to preparation of the material for the audit and a pre-audit compliance review as described above.
HIPAA Privacy Review
Our services include:
- HIPAA audits - We are available to conduct HIPAA audits.
- HIPAA policies and procedures - We are available to review your existing policies and procedures.
- HIPAA training - We are available to conduct your HIPAA training.
Form
5500
Form
5500 must be filed for most benefit plans no later than 7 months (or
up to 9 1/2 months with extensions) after the end of the plan year.
We are available to prepare your annual Form 5500 and Summary Annual
Report.
Plan Documents
We are available to assist you with your plan document drafting – either retirement or health & welfare plans. All documents are drafted for review of counsel
Summary
Plan Description (SPD's)
We are available to assist you prepare or update your summary plan description and other benefit communication material.
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