Health & Welfare Plan Self-Compliance Assessments
In recent years, laws and regulations impacting employee health & welfare benefit plans have become increasingly complex. Department of Labor has expanded its health & welfare plan assessment program, and more and more employers are receiving assessment requests, with a particular increase in the assessments of small to midsize employers. It is more important than ever for employers to conduct an internal self-compliance review of their health & welfare benefit plans to ensure compliance and minimize risk in the event of an assessment.
The risks associated with failing to comply with the multitude of laws governing employer-sponsored health and welfare plans are far-reaching, and include, but are not limited to:
- Penalties that carry as much as $1,000 per day for each day of noncompliance;
- Participant lawsuits for benefit claims, breaches of fiduciary duty, and non-compliance with statutory requirements or regulations; and/or
- DOL lawsuits for breaches of fiduciary duty and non-compliance with statutory requirements or regulations.
Through HR Advantage, Clark Hill equips employers with up to date insight and knowledge on how to manage the ever changing laws and regulations related to health and welfare benefit plans. We can provide a suite of services that meet the needs of HR professionals, whether that is providing training and education for your team, or direct assessments of your company’s areas of risk.
Engaging Clark Hill attorneys to perform a self-compliance assessment will help to mitigate compliance failures for any employer. The assessment would include the following:
- Review of all employee health and welfare benefit programs, including a detailed review of all existing plan documentation, contracts, policies, notices and employee communications.
- Interview and meet with key employee benefits personnel to review existing policies and procedures related to the health and welfare benefit plans.
- Identify areas of risk exposure and proposed corrective actions which will be set forth in a comprehensive report.
- Work with employers to implement corrective actions.
Clark Hill can provide this service at a pre-determined, fix fee amount for your organization.