BASE^® Blog

When keeping a business in compliance, don’t rely on just your luck to protect the employer from being vulnerable to penalties and audits.   Rely on BASE® to provide you with all of the required documentation to encompass benefits the employer provides into one document to keep business owners in compliance.

The federal Employee Retirement Income Security Act (ERISA) mandates that employers/plan administrators of ERISA-covered plans provide a Summary Plan Description (SPD) to each participant and that plans be maintained in accordance with a written Plan Document.  The BASE® ERISA Wrap is designed to help employers fulfill the ERISA requirements for an SPD and Plan Document.  It applies to virtually all employers who offer or sponsor benefits, regardless of size or number of participants. The only entities that are exempt from ERISA are governmental employers and bona fide church groups.

Many companies mistakenly assume that insurance contracts, certificates of insurance, and benefits summaries fulfill the ERISA requirements – but they do not include the required provisions that protect the plan and the employer.  Failure to provide such documentations within 30 days can result in a penalty of up to $110/day per employee.  So employers shouldn’t leave compliance to chance, because all it takes is just one inaccurate filing, investigation, or complaint, and they could be paying the price.

The BASE® ERISA Wrap allows employers to fulfill the Department of Labor’s (DOL) SPD and Plan Document mandates. Employers, or plan administrators of the group health plans, need to comply with two important requirements or risk the potential penalties:

1. Maintain and distribute Summary Plan Descriptions (SPDs) to plan participants which accurately reflect the contents of the plan and which include specific information as required by law.
2. Group health plans must be administered in accordance with a written Plan Document which must be made available to plan participants and beneficiaries upon request.

Why is an ERISA Wrap so important?  Not only does it fulfill the ERISA requirements for an SPD and Plan Document, but it also provides ERISA required information for employers to provide to their employees.  The ERISA Wrap fills in gaps of information not covered in insurance booklets from insurance carriers.  Some of this information includes: hours an employee must work for eligibility, waiting periods, ERISA plan numbers, guidelines for document distribution and rights of member, and more.

How it works:

• Employer provides plan information to BASE® for all ERISA employee benefit plans.
• BASE® produces all required documentation as established by ERISA.
• BASE® provides and maintains all documentation to employer for distribution to all eligible employees.

What’s next?  Don’t rely on just your luck and pick up the phone.  Call 1-888-386-9680 and speak with a BASE® Account Manager and find out how enrolling in the BASE® ERISA Wrap will provide all the necessary documentation needed to stay in compliance or visit www.BASEonline.com.

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hr360 could be just the tool to make HR easier! Packed with up-to-date information that is crucial to any business; this easy-to-use program can help any company in BIG ways! Many federal and state requirements apply to companies with as few as 1 employee, so you are never too big or small for an HR compliance library.

There are many things that are beneficial when it comes to hr360. Facing a problem with an employee? There is a video for that! Wanting to create a new employee handbook or update an existing one? There is a template for that! There are over a hundred videos that go over topics that can help improve the workplace as well as templates for various forms and documents needed for any business.

Regulations are always changing and every state is unique. Luckily, with an hr360 subscription, businesses can stay current on any laws or policies that may affect a business in their state.  HR360 members receive a monthly newsletter, covering hot topics such as ACA reporting, employee retention, and workplace harassment. 

It is crucial, especially in today’s environment, that companies have specific regulations and procedures in place.  This way, companies are safe from potential fines, fees, and penalties in any situation. 

hr360 can also offer:

• Salary Benchmarking
  • Not sure what to make an employee’s starting salary? This tool allows employers to insert information about the job and experience level and then hr360 provides them with a salary benchmark. Depending on the company and employee, it provides a low-high range.
• Sample Job Description Builder
  • Looking to hire someone new? This tool provides sample job descriptions for a variety of positions, making it easy to post a job!
• Performance Review Builder
  • This process allows managers to develop a performance review! hr360 also takes it a step further by providing comments based off their answer. This can allow employers to pinpoint problem areas with employees and ways to communicate improvement.
• Multi-State Comparison Tool
  • This allows users to pick the state that they want information about, and then pick the specific topic they are searching for (ex. minimum wage, meal and rest breaks, and unemployment). This makes it easy to access information quickly, so business owners or HR employees can make informed and fast decisions.
• Federal Poster Adviser
  • Whether companies are big or small, the DOL requires that certain posters are displayed in a workplace to inform employees of various policies. These separate posters can cost a lot of money, especially if there are frequent updates. Depending on the state, it is difficult to know which required posters to display. Luckily, the hr360 Federal Poster Adviser informs companies which ones need to be posted. Even better, hr360 provides printable versions for subscribers!

In 2018, BASE® is excited to provide business owners and HR professionals with a tool that can better employee management and help provide understanding and implement HR best practices.  Contact BASE® today to get your HR360 subscription!

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