ERISA covers two main types of fringe benefits: pension plans and welfare plans. Fringe benefits are any extra benefits that supplement your salary. These benefits can include, but are not limited to:. For example, if your employer offers disability benefits, then they may exclude whichever disabilities they want to exclude in the plan.
These documents will give you important information about your benefit plan. These benefits may include vacation or paid time off PTO. An employer pays for payroll practice benefits with their assets under certain circumstances. ERISA disability insurance claims are handled differently than other types of disability claims. One important amendment, the Consolidated Omnibus Budget Reconciliation Act COBRA , provides some workers and their families with the right to continue their health coverage for a limited time after certain events, such as the loss of a job.
Another amendment to ERISA is the Health Insurance Portability and Accountability Act which provides important protections for working Americans and their families who might otherwise suffer discrimination in health coverage based on factors that relate to an individual's health. In general, ERISA does not cover group health plans established or maintained by governmental entities, churches for their employees, or plans which are maintained solely to comply with applicable workers compensation, unemployment, or disability laws.
Many businesses confuse the insurance certificate or benefit summary from their carrier or broker as this disclosure, but it is not. Disclaimer: Please note that this is not all-inclusive. Our guidance is designed only to give general information on the issues actually covered.
It is not intended to be a comprehensive summary of all laws which may be applicable to your situation, treat exhaustively the subjects covered, provide legal advice, or render a legal opinion. Consult your own legal advisor regarding the specific application of the information to your own plan. Steve is a graduate of Taylor University. Sign up for PrimePay blog updates!
Luckily, for emerging businesses, there is an easy way to comply. First, some background. Primary responsibilities for employers to comply with ERISA include three important items: Detailed disclosure to covered individuals plan participants and beneficiaries. A strict fiduciary code of conduct for plan sponsors.
Understandably, court decisions have been unpredictable in determining whether an employer has established an "administrative scheme" to provide benefits in situations which fall between one-time corporate events and ongoing benefit payments. This material is provided for informational purposes only. It is not intended to constitute legal advice nor does it create a client-lawyer relationship between Jackson Lewis and any recipient.
Recipients should consult with counsel before taking any actions based on the information contained within this material. This material may be considered attorney advertising in some jurisdictions.
Prior results do not guarantee a similar outcome. Focused on labor and employment law since , Jackson Lewis P. We help employers develop proactive strategies, strong policies and business-oriented solutions to cultivate high-functioning workforces that are engaged, stable and diverse, and share our clients' goals to emphasize inclusivity and respect for the contribution of every employee.
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