Free ERISA Compliance Checklist

I. Compliance Program Overview

• Ensure ERISA compliance by reviewing current retirement and benefit plans.

• Assign a compliance officer to oversee ERISA compliance.

• Establish a clear timeline for implementing ERISA compliance measures.

• Regularly review and update ERISA compliance efforts as needed.

II. Plan Documentation

• Ensure ERISA employee benefit plans have proper plan documents, SPDs, and amendments.

• Review plan documents regularly to ensure they accurately reflect plan provisions and comply with ERISA requirements.

• Distribute updated SPDs and plan documents to participants as required by ERISA regulations.

III. Fiduciary Responsibilities

• Document all fiduciaries managing employee benefit plans.

• Set up procedures for fiduciary supervision, including investment choices, plan administration, and ERISA compliance.

• Record decisions and actions related to employee benefit plan administration.

IV. Reporting and Disclosure Requirements

• Submit necessary reports and disclosures, including Form 5500 and Form 5500-SF, to the DOL.

• Supply participants with necessary disclosures like SARs, SMMs, and SBC documents.

• Ensure disclosures are provided to participants in a timely and understandable manner.

V. Plan Investments

• Implement a prudent process for selecting and monitoring plan investments in compliance with ERISA's fiduciary standards.

• Review investment options regularly and make adjustments as necessary to ensure they are appropriate and in the best interest of plan participants.

• Document investment-related decisions and the rationale behind them.

VI. Prohibited Transactions

• Establish procedures to identify and prevent prohibited transactions, including transactions between the plan and parties in interest.

• Monitor transactions involving plan assets to ensure compliance with ERISA's prohibited transaction rules.

• Obtain necessary exemptions or prohibited transaction exemptions (PTEs) for transactions that may violate ERISA's rules.

VII. Participant Rights and Protections

• Inform plan participants about their ERISA rights and protections, including benefits info and appeal rights for denied claims.

• Establish procedures for handling participant inquiries, claims, and appeals in accordance with ERISA's claims procedure requirements.

• Provide participants with access to plan information and benefit statements as required by ERISA regulations.

VIII. Recordkeeping and Compliance Documentation

• Maintain accurate records of plan transactions, participant communications, and fiduciary decisions.

• Document compliance efforts, including plan reviews, audits, and corrective actions taken to address compliance deficiencies.

• Retain records for the required retention period specified by ERISA regulations.

IX. Training and Education

• Provide training to plan fiduciaries, administrators, and other relevant staff members on ERISA requirements and their responsibilities.

• Offer periodic training sessions and updates to ensure staff members are aware of changes in ERISA regulations and compliance best practices.

• Encourage ongoing education and professional development for individuals responsible for plan administration and compliance.

X. Signature

I, [YOUR NAME], hereby acknowledge that I have reviewed and understand the contents of this ERISA Compliance Checklist. I am committed to upholding the standards outlined herein and ensuring compliance with the Employee Retirement Income Security Act (ERISA) and related regulations at [YOUR COMPANY NAME].

[YOUR NAME]
Compliance Officer
[YOUR COMPANY NAME]
[YOUR COMPANY ADDRESS]

Date:                               

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