TASC Helps Businesses Handle the Complexity of ERISA's Rules and Regulations

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ERISA law is extremely complex. To make matters even worse, Congress amends these laws nearly every year. TASC's newly released ERISAEdge takes the burden off businesses and ensures complete compliance.

Total Administrative Services Corporation (TASC), a provider of tax-advantaged medical and other benefit account management services, has introduced a new service, ERISAEdge. The Employee Retirement Income Security Act (ERISA) is a federal law that regulates Group-sponsored benefits (also called "welfare benefit plans"). But many employers do not fully understand ERISA and how it impacts business and employees, or the possible risks it presents. Besides requiring the provision of specific Plan features and funding information, the law mandates employers to submit detailed reports to the government. Further, employers face strict deadlines for disclosing Plan information to all eligible employees, and all who sponsor and administer ERISA plans must follow a strict fiduciary code of conduct. Failure to comply with ERISA's requirements can mean costly government penalties, even employee lawsuits.

To help employers comply with ERISA rules and regulations, ERISAEdge takes care of all necessary communications, forms, and record keeping. These services include maintenance of all required records for the mandated amount of time, instruction regarding required on-site record keeping, timely and accurate completion of the required forms, and assistance with resolution in the event that employee benefit plans are reviewed by the Department of Labor (DOL). ERISAEdge provides employers with an ERISA-compliant employee benefit plan document that incorporates by reference, all pertinent insurance certificates, policies, contracts, booklets and other benefit descriptions provided by insurance carriers to comply with the required content under ERISA. ERISAEdge also prepares all the necessary documents and notices required by ERISA, including a Summary Plan Description, updated Summary Plan Descriptions and IRS Form 5500.

Whether it is preparing forms, filing forms, or retaining records, ERISAEdge ensures that employers need never worry again about whether their welfare benefit plan is in compliance with ERISA. ERISAEdge performs regular follow-up to ensure that every business' Plan is always in compliance.

About TASC:
Based in Madison, Wisconsin, TASC's services include AgriPlan, BizPlan, FlexSystem, RetireRite, COBRAToday, DirectPay, ERISAEdge, FMLAMatters, LEGACYguard, and RetirEez. TASC provides over 60,000 sole proprietors, family farmers and small business owners nationwide with innovative, tax advantaged employee benefit programs. For more information visit: http://www.tasconline.com.

Bruce Stein, Public Relations & Communications Director
bruces (at) tasconline.com

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