Compliance Audits

It is very important to ensure your plans comply with all the detailed federal and state rules, regulations and procedures that employers must follow. Not only are the penalties getting tougher, but also government agencies are focusing more attention on employer compliance.

Compliance Audit – Immediately upon being named your broker, we will perform a compliance audit to ensure all of your Health & Welfare plans comply with current laws.  The audit includes a detailed analysis of the following documents or policies, as they apply to Health & Welfare plans, to ensure they comply with all applicable state and federal laws:

• Employee Notices;
• Plan Documents;
• Summary Plan Descriptions;
• Summary of Material Modifications (if any);
• Forms 5500 and Schedules;
• Summary Annual Reports;
• ADEA policy;
• ADA policy;
• Imputed Income calculations;
• Family Leave policy;
• HIPAA Privacy, Portability & Security regulations (if applicable);
• COBRA and HIPAA Administration (including all qualified beneficiary letters, notices when hired, pricing and general administration);
• Other Terminating Employee laws;
• ERISA Reporting and Compliance;
• CMS Compliance;
• Fringe Benefit Plans (if any);
• Educational Assistance/Reimbursement Plans (if any);
• Severance Packages (if any);
• Employee Award programs (if any);
• Any other documents or procedures required for a Health & Welfare benefit plan the employer might have.

After review, we identify problem areas and tell you what’s needed to get your plan(s) in compliance. If needed, updated forms will be provided. Although we do not produce ADEA, ADA or Family Leave documents, we are able to give advice on the best way to edit or create a policy.

Compliance audits are free to our full-service clients. This service is provided for a fee for all others. Please contact KBI for more information at alane@kbibenefits.com.