“Your employees need more than just paychecks.”
What Are Employee Benefits?
What makes an organization stand out from the crowd? The answer is - it’s employees. That’s why companies today spend thousands of dollars to retain their employees and keep them satisfied. Several organizations are adopting Employee Benefits and quality compensation packages to attract a valuable workforce. While some employee benefits are mandatory as per law, others are simply an organization’s choice.
Employee benefits include any indirect compensation in the form of perks and benefits offered to the employees in addition to their base salary. Generally, employee benefits include:
- Profit Sharing
- Bonuses
- Equity Stocks
- Paid time off
- Retirement Benefits
- Health Insurance
- Life Insurance
- Period Leaves
- Remote Work Option
- Disability Insurance
Legal Requirements Of Employee Benefit Plans
Employee benefit plans such as retirement benefits must comply with the Employee Retirements Income Security Act or ERISA. Organizations must be vigilant while planning their employees' voluntary health and pension plans. Any failure to file reports with the Internal Revenue Service or claims by an employee can attract heavy penalties.
That’s why businesses — no matter the size and type – are always advised to work with pension attorneys, also known as ERISA attorneys while doing employee benefits planning, as they can assist in the laws governing tax plans and other regulations.
Why Does Your Business Need an ERISA Attorney?
- Employee benefit plans are often subject to scrutiny from law agencies, federal agencies, and employees.
- Employees are getting increasingly aware of the laws and costs involved with employee benefit plans.
- Participants of employee sponsor benefits are now demanding more transparency and information.
- The Internal Revenue Service and Department of Labor, two government organizations regulating benefit programs, have significantly increased law enforcement measures to check if the companies comply with the laws.
- There has been a recent rise in the number of companies that are being sued with hefty penalties.
- The tax and healthcare regulations are complex and put a significant burden on employers to disclose supporting documentation.
- If your business is thinking about mergers and acquisitions, a pension attorney can make the employee benefits transfer process quick and smooth.
Role Of ERISA Attorneys For Employee Benefits
Regulatory Advice
Advice on various health and welfare plans, pension plans, administrative decisions, preparing the paperwork, negotiating vendor agreements, etc.
Understand the compliance requirements
ERISA is a complex set of laws that govern how employee benefits are managed. The role of an ERISA attorney is to ensure that employee benefits are administered in accordance with the law.
Advising on benefit claims, denials, and appeals
If any of your company’s employees try to take legal action against you, claiming a lack of provision of employee benefits, you need an attorney. An ERISA attorney can also help you navigate the legal process and represent you in court. They defend the following parties against ERISA benefit claims in State and Federal Courts.
- Plan Sponsors
- Administrators, and
- Claims Administrators
How Much Does It Cost To Hire ERISA Attorneys?
Hiring an attorney is a big decision, and it should not be taken lightly. If you are planning to hire an ERISA attorney for your business, know that the cost to hire one depends on several factors.
- The size of your organization.
- The type of business.
- The number of employees.
- Do you need their services once or for a longer duration?
- Experience of the attorney in handling ERISA cases.
When deciding how much to budget for your legal fees, you must discuss with your attorney what type of billing arrangement they prefer, discounts, or payment plans that may be available.
The best way to get an accurate estimate of your legal costs is to schedule an initial consultation with an ERISA attorney. During the consultation, the attorney will be able to assess your case and give you a cost estimate
Conclusion
Attorneys can offer peace of mind to businesses by providing assistance and counseling employers throughout the process. Overall, here’s what you can expect with a Brucker & Morra’s Pension Attorney by your side. Planning and execution of employee benefits Operational Compliance Design Changes ?Plan amendments and termination Error Correction.
