Free Employee Benefits Compliance Checklist Template

Employee Benefits Compliance

I. Compliance Program Overview

This checklist was created by [YOUR NAME] to ensure our company's employee benefits program is in compliance with the necessary laws and regulations. This tool serves as a reference guide for HR personnel, benefits administrators, and legal advisors.

Responsible Party:

[YOUR NAME], [YOUR DEPARTMENT]

Date of Last Review:

[DATE]

Next Scheduled Review:

[DATE]

Review Schedule:

Bi-annually or as required by changes in employee benefits laws.

  • Review existing employee benefits policies and procedures.

  • Assign a compliance officer responsible for overseeing compliance efforts.

  • Establish a clear timeline for implementing compliance measures.

  • Regularly review and update compliance efforts.

II. Plan Documentation

  • Maintain updated plan documents.

  • Provide accurate summary plan descriptions (SPDs).

  • Ensure plan amendments are documented.

  • Distribute updated plan documents to participants.

III. Regulatory Compliance

  • Comply with ERISA regulations.

  • Adhere to ACA requirements.

  • Follow HIPAA privacy and security rules.

  • Ensure compliance with COBRA provisions.

IV. Employee Communication and Disclosure

  • Provide employees with benefit summaries.

  • Notify employees of benefit changes.

  • Distribute COBRA notices.

  • Inform employees of their rights under ERISA.

V. Eligibility and Enrollment

  • Determine employee eligibility criteria.

  • Enroll eligible employees in benefit plans.

  • Offer enrollment opportunities during qualifying events.

  • Provide timely enrollment materials and instructions.

VI. Fiduciary Responsibilities

  • Identify plan fiduciaries.

  • Establish procedures for fiduciary oversight.

  • Document fiduciary decisions.

  • Monitor plan investments prudently.

VII. Reporting and Disclosure

  • File Form 5500 and other required reports.

  • Provide participants with annual funding notices.

  • Disclose plan fees and expenses to participants.

  • Furnish participants with pension benefit statements.

VIII. Discrimination Testing

  • Perform nondiscrimination testing for retirement plans.

  • Ensure health plans comply with nondiscrimination rules.

  • Address any failed discrimination tests promptly.

  • Adjust plan design if necessary to pass testing.

IX. Recordkeeping

  • Maintain accurate records of plan activities.

  • Retain benefit enrollment and election forms.

  • Document employee communications and notices.

  • Store records securely and in compliance with regulations.

X. Training and Education

  • Provide employee benefits training to HR staff.

  • Educate employees on benefit options and enrollment.

  • Train plan fiduciaries on their responsibilities.

  • Offer periodic updates on regulatory changes and compliance requirements.

XI. Signature

I, [YOUR NAME], hereby acknowledge that I have reviewed and understand the contents of this Employee Benefits Compliance Checklist. I am committed to upholding the standards outlined herein and ensuring compliance with all relevant laws and regulations governing our company's employee benefits program.

[YOUR NAME]
Compliance Officer
[YOUR COMPANY NAME]
[YOUR PHONE NUMBER]

Date:                               

Compliance Templates @ Template.net