WEST CHESTER, Pa (PRWEB) February 15, 2018
PrimePay, a national payroll and HR provider, recently announced the launch of a new product to accompany its Employee Retirement Income Security Act (ERISA) compliance service. Labeled the Fast Track ERISA Wrap Solution, this service was specifically designed to provide businesses with less than 50 employees their documents in a short time period.
ERISA is a federal law that requires employers to follow detailed regulations when it comes to health and welfare benefit plans. Recent reports state that out of the $2.7 billion in total class action lawsuit settlements from 2017, $927.8 million came from ERISA cases. As penalties for noncompliance continue to rise, PrimePay is excited to be able to offer a product that will help put employers’ minds at ease through their ERISA Compliance Solutions.
In order to determine if a business qualifies for the Fast Track ERISA Wrap Solution, PrimePay put together a simple decision support tool. If eligible, these businesses can receive their wrap documents in less than a week.
Also under their ERISA Compliance Solutions umbrella is the Premier ERISA Wrap Solution. This existing service is in place for larger or smaller companies with more complex plans. With this product, a PrimePay compliance manager or in-house attorney will conduct a comprehensive review of all certificates, benefit documents, and eligibility provisions to ensure compliance with federal regulations.
“In working closely with our great network of benefits brokers, we discovered a need to be able to produce wrap documents quicker for smaller companies. This new solution will still help these businesses maintain compliance, but because of the business’s size and their not-so-complex plans, they don’t need the same comprehensive review from our in-house attorney that our Premier clients receive. Fast and compliant – it’s a perfect combination that we’re thrilled to offer,” explained Steve Jackson, SVP, PrimePay’s Broker Concierge.
PrimePay’s ERISA Compliance Solutions bundle all employer health and welfare plans into a single plan, while incorporating the insurance company booklets and certificates by reference. Both wrap solutions satisfy ERISA requirements, simplify the amendment process, reduce filing fees, provide fewer summary plan descriptions (SPDs), customize plans for consistency and decrease documentation risks.
To learn more about PrimePay’s ERISA compliance solutions, visit PrimePay.com/ERISA.
PrimePay believes in the power of small business.
Since 1986, PrimePay has been helping small businesses get time back in their day to focus on what matters most. This is possible through their payroll, HR, Time Clock and benefits admin services that help to ensure compliance and provide exceptional support during the employee lifecycle.
For more on the West Chester, PA-based PrimePay, visit PrimePay.com.