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Employee benefits compliance can be a significant concern for employers large and small. Employee benefit plans must be fully compliant with all applicable laws laws, such as ERISA, COBRA, HIPAA, Section 125, ACA Reporting, and the like. Compliance failure can lead to fines, penalties, loss of tax-favorable status, or even criminal charges.
Ongoing employee benefits compliance issues and/or considerations can be a burden and can get complex quickly. That's why you have CBA. We've vetted, partnered, and negotiated reduced rates with trusted vendors in each federal compliance area, so you can rest assured that you are compliant with federal laws.
Essential compliance areas:
ACA (Affordable Care Act)
- Enacted to make affordable health insurance available to more people, the ACA specifies several requirements for companies offering group health coverage. It’s important to note that these requirements only apply to certain large employers, those that have 50 or more full-time equivalent (FTE) employees, and self-insured plans.
ERISA (Employee Retirement Income Security Act)
- The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry to provide protection for individuals in these plans. ERISA not only applies to group health insurance, but also voluntary programs as well like life and disability insurances.
COBRA (Consolidated Omnibus Budget Reconciliation Act)
- The Consolidated Omnibus Budget Reconciliation Act (COBRA) is designed to protect workers from disruptions to their health coverage when they experience certain life changes, like the loss of a job or a divorce. COBRA applies to employers with 20 or more employees that sponsor group health plans and requires several steps to remain in compliance.
HIPAA (Health Insurance Portability and Accountability Act)
The Health Insurance Portability and Accountability Act of 1996 (HIPAA) contains privacy and security rules to protect employees’ health information.
HIPAA’s privacy and security provisions apply to employer-sponsored health plans and providers, except for self-funded health plans with less than 50 participants that are administered by the employer. If you typically have health information about employees participating in the plan, such as payments made for healthcare services, or records from the health insurance company, you’ll need to comply with HIPAA rules.
In addition to the compliance requirements listed above, there are additional notices that must be distributed each year for group health plans to provide important information about coverage and beneficiaries’ rights and responsibilities.
To keep you in the loop and up to speed, CBA provides integrated services via Mineral HR. Featuring all of the best components of Mammoth and ThinkHR, Mineral allows you to stop sweating HR and compliance and focus on the core of your business. The platform includes expert-backed checklists, libraries, document builders, employee training, compliance information, and much more:
— MINERAL HR
Your very own HR and compliance watchdog.
Mineral constantly tracks employment regulations at both the federal and state level. You can elect to receive proactive alerts on HR and compliance changes that can affect your business, to stay ahead of the compliance curve. With Mineral, we combine cutting-edge technology with data and trusted human expertise to help businesses of all sizes solve HR and compliance challenges.
— MINERAL HR
Proactive and vigilant.
Mineral gives you access to the nation's largest small business HR and compliance network. This means you get access to a powerful mix of human expertise and technology, to include:
HR and legal experts
HR compliance library
Learning management system
Employee handbook builder
Benefits document creator
Job description builder
Workplace safety and harassment training resources