{"id":343,"date":"2016-06-21T13:34:51","date_gmt":"2016-06-21T21:34:51","guid":{"rendered":"http:\/\/www.ddibenefits.com\/news\/?p=343"},"modified":"2016-06-21T13:34:51","modified_gmt":"2016-06-21T21:34:51","slug":"ddi-benefits-newsletter-june-2016","status":"publish","type":"post","link":"https:\/\/ddibenefits.com\/site\/2016\/06\/ddi-benefits-newsletter-june-2016\/","title":{"rendered":"DDI Benefits Newsletter | June 2016"},"content":{"rendered":"\n\n\n
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As\u00a0your trusted health plan advisors, we are bringing to your attention\u00a0a new DOL initiative about an old ERISA requirement that you\u2019ll probably\u00a0want to add to your compliance \u201cto do list.\u201d Below is detailed information\u00a0about ERISA\u2019s SPD and Plan Document requirement.<\/p>\n

But\u00a0to summarize, due to health care reform, the DOL was able to hire more\u00a0auditors and stated a goal of auditing all employee benefits plans by\u00a0the end of 2015. For the record, we haven\u2019t heard of a single audit in\u00a0our neck of the woods! The compliance check would include review of SPD\u2019s\u00a0and Plan Documents, of which most employers do not actually have in place.
\nIn the past, the Plan descriptions and contracts provided by insurance\u00a0companies were believed to satisfy these requirements. However, due to\u00a0added provisions and health care reform they likely no longer suffice.\u00a0Should you comply? Well, yes of course you should, and the good news\u00a0is… we can help.<\/p>\n

If you don\u2019t take action now, just keep in mind that if you are contacted\u00a0by the DOL, you have 30 days to provide the required documents, at which\u00a0point you should call either an ERISA attorney or your health insurance\u00a0consultants at DDI!<\/p>\n

<\/a>Federal Compliance Alert:
\nSPD\u2019s and Plan Documents<\/p>\n

\"us<\/p>\n

Did you know that due to health care reform the Department of Labor\u00a0(DOL) has increased their focus on auditing all employee benefits plans,\u00a0including health and welfare benefits plans?<\/p>\n

What\u2019s Required?<\/p>\n

ERISA (the federal Employee Retirement Income Security Act) requires\u00a0employers of all sizes who are plan administrators of their group health\u00a0plans to comply with 2 important requirements or risk potential penalties\u00a0and possible audits:<\/p>\n