ERISA Compliance Checklist
ERISA Compliance Checklist
I. Compliance Program Overview
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Objective: |
To ensure [YOUR COMPANY NAME] complies with the Employee Retirement Income Security Act (ERISA) and related regulations. |
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Responsible Party: |
[YOUR NAME], [YOUR DEPARTMENT] |
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Date of Last Review: |
[DATE] |
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Next Scheduled Review: |
[DATE] |
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Review Schedule: |
Bi-annually or as required by changes in ERISA or other applicable laws. |
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Ensure ERISA compliance by reviewing current retirement and benefit plans.
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Assign a compliance officer to oversee ERISA compliance.
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Establish a clear timeline for implementing ERISA compliance measures.
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Regularly review and update ERISA compliance efforts as needed.
II. Plan Documentation
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Ensure ERISA employee benefit plans have proper plan documents, SPDs, and amendments.
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Review plan documents regularly to ensure they accurately reflect plan provisions and comply with ERISA requirements.
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Distribute updated SPDs and plan documents to participants as required by ERISA regulations.
III. Fiduciary Responsibilities
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Document all fiduciaries managing employee benefit plans.
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Set up procedures for fiduciary supervision, including investment choices, plan administration, and ERISA compliance.
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Record decisions and actions related to employee benefit plan administration.
IV. Reporting and Disclosure Requirements
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Submit necessary reports and disclosures, including Form 5500 and Form 5500-SF, to the DOL.
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Supply participants with necessary disclosures like SARs, SMMs, and SBC documents.
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Ensure disclosures are provided to participants in a timely and understandable manner.
V. Plan Investments
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Implement a prudent process for selecting and monitoring plan investments in compliance with ERISA's fiduciary standards.
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Review investment options regularly and make adjustments as necessary to ensure they are appropriate and in the best interest of plan participants.
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Document investment-related decisions and the rationale behind them.
VI. Prohibited Transactions
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Establish procedures to identify and prevent prohibited transactions, including transactions between the plan and parties in interest.
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Monitor transactions involving plan assets to ensure compliance with ERISA's prohibited transaction rules.
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Obtain necessary exemptions or prohibited transaction exemptions (PTEs) for transactions that may violate ERISA's rules.
VII. Participant Rights and Protections
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Inform plan participants about their ERISA rights and protections, including benefits info and appeal rights for denied claims.
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Establish procedures for handling participant inquiries, claims, and appeals in accordance with ERISA's claims procedure requirements.
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Provide participants with access to plan information and benefit statements as required by ERISA regulations.
VIII. Recordkeeping and Compliance Documentation
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Maintain accurate records of plan transactions, participant communications, and fiduciary decisions.
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Document compliance efforts, including plan reviews, audits, and corrective actions taken to address compliance deficiencies.
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Retain records for the required retention period specified by ERISA regulations.
IX. Training and Education
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Provide training to plan fiduciaries, administrators, and other relevant staff members on ERISA requirements and their responsibilities.
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Offer periodic training sessions and updates to ensure staff members are aware of changes in ERISA regulations and compliance best practices.
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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:
