Administrative Requirements Under ERISA

ERISA requires that plan administrators do most of the legwork in complying with ERISA so you may not have to do much of anything unless you're acting as your own administrator. In many cases, if you have a plan with an insurance company, that company acts as plan administrator and takes care of these obligations. There are three main components to ERISA compliance:

Welfare plans. If you offer welfare plans subject to ERISA, your portion of the burden, if you have an HMO or another type of insurance contract, will be to distribute plan information to employees, which is easily done when the benefit plan goes into effect, or at orientation for new hires. To be on the safe side, you should still make sure that your plan administrator (whether it's a third party, the insurance company, or an agent) is complying with ERISA requirements.

Retirement plans. Retirement plans are subject to even more requirements under ERISA, including requirements affecting: