Employers large and small are subject to the Employee Retirement Income Security Act of 1974 (ERISA), one of the key laws governing benefit plans. ERISA requires plan sponsors (employers) to provide participants with plan information including important information about plan features and funding, fiduciary responsibilities of those who manage and control plan assets, and information on how to file grievances and appeals. ERISA gives participants the right to sue for benefits and breaches of fiduciary duty.
Determining exactly which plans are subject to ERISA is complicated. Many small employers are unfamiliar with ERISA or think it applies to large business only. However, ERISA applies to groups with as few as one (1) employee, and applies to many different types of benefits, such as and not limited to Medical, Disability, Unemployment, Vacation, Day Care Centers, etc. Brown & Brown can offer solutions for employers seeking to understand their obligations under ERISA, and to help them get and remain in compliance.