BART
Federal Compliance

ERISA Compliance Checklist

Stay compliant with ERISA requirements for employee benefit plans. Complete checklist covering Form 5500, SPDs, fiduciary duties, and participant rights.

What is ERISA?

The Employee Retirement Income Security Act (ERISA) is a federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry. ERISA provides protections for individuals covered by these plans.

ERISA applies to employer-sponsored group health plans, including medical, dental, vision, life insurance, and disability coverage. It does not apply to government or church plans, workers' compensation, or individual policies.

ERISA Applies To:

  • ✓ Group health insurance
  • ✓ Self-funded health plans
  • ✓ Dental and vision plans
  • ✓ Life insurance
  • ✓ Short/long-term disability
  • ✓ HRAs and FSAs
  • ✓ Severance plans
  • ✓ EAPs

Compliance Checklist

Plan Documents

Written plan document exists and is current
Deadline: Ongoing
Summary Plan Description (SPD) distributed to participants
Deadline: Within 90 days of enrollment
SPD updated for material modifications
Deadline: Within 210 days of change
Summary of Material Modifications (SMM) distributed if applicable
Deadline: Within 210 days of change
Summary of Benefits and Coverage (SBC) provided
Deadline: With enrollment materials

Annual Filing Requirements

Form 5500 filed (if required)
Deadline: July 31 (calendar year plans)
Form 5500 extension filed if needed (Form 5558)
Deadline: July 31
Summary Annual Report (SAR) distributed
Deadline: Within 9 months of plan year end
Independent audit completed (100+ participants)
Deadline: With Form 5500

Fiduciary Responsibilities

Fiduciaries identified and documented
Deadline: Ongoing
Service provider fees reviewed for reasonableness
Deadline: Annually
Plan operated according to plan documents
Deadline: Ongoing
Conflicts of interest avoided
Deadline: Ongoing
Fidelity bond in place (10% of plan assets, min $1,000)
Deadline: Ongoing

Participant Rights

Claims procedures established and followed
Deadline: Ongoing
Appeals process documented and available
Deadline: Ongoing
Participants can access plan documents upon request
Deadline: Within 30 days of request
COBRA notices provided (if applicable)
Deadline: Per COBRA timelines
HIPAA privacy notices distributed
Deadline: At enrollment and every 3 years

Form 5500 Requirements

Exempt from Filing

  • ●Fully-insured plans with fewer than 100 participants
  • ●Plans that don't pay benefits from a trust
  • ●Plans funded solely by employee contributions
  • ●Government and church plans

Must File Form 5500

  • ●Plans with 100+ participants
  • ●Self-funded plans regardless of size
  • ●Plans that hold assets in trust
  • ●Wrapped plans under a single document

Non-Compliance Penalties

ViolationPenalty
Failure to file Form 5500$250/day, up to $150,000 per plan
Failure to provide SPD$110/day per participant
Failure to provide SAR$110/day per participant
Breach of fiduciary dutyPersonal liability + 20% excise tax
Prohibited transactions15% excise tax (100% if not corrected)

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