The Employee Retirement Income Security Act (ERISA) is a federal law establishing minimum standards for employee health benefit and retirement plans. While an employer is not required to establish a plan, ERISA does require those who establish and administer plans to meet certain standards. For example, plan administrators must provide participants written disclosures, such as a summary plan description (SPD) in a clear and easy to understand format about the company’s employee benefit plans.
Supreme Court Rules SPD Statements not Subject To ERISA
In a recent court ruling, the US Supreme Court unanimously ruled that inaccurate or misleading SPD statements were not subject to ERISA enforcement penalties or remedies. Regardless, employers should consider these five areas regarding benefit plan communications:
- Summary Plan Descriptions
- Communications Officer
- Regular Reviews
- Transparency in Changes
- Non-Summary Plan Descriptions
Learn More About the Five Top Tips for Benefit Plan Communications
To find get more details about each of the five top tips for benefit plan communications, be sure to read the featured article by the HR pros at MyHRSupportCenter, Five Top Tips for Benefit Plan Communications. If you’re not yet signed up or would like a free trial of MyHRSupportCenter, contact Vision Payroll today.