Cover Your Assets Compliance™
The Employee Retirement Income Security Act (ERISA) governs employer-sponsored benefits plans. Additionally, the ACA is still in effect until further notice. In 2016, the Department of Labor's Employee Benefits Security Administration (EBSA) recovered over $777.5 million in plan assets gone wrong. EBSA investigations also led to the indictment of 96 people for crimes related to employee benefit plans in fiscal year 2016.
Benefits plan compliance is no joke.
Potomac offers all of these resources to all members of the Potomac Experience. It is in your and our best interests to stay compliant with all applicable employee benefits and employment regulations and to minimize audit risk. Since we believe in keeping things simple, we want to provide you with the most up-to-date materials directly from the experts.
Cover Your Assets Compliance™ powered by the Compliancedashboard® Platform
AVAILABLE NOW! We've been telling you about our Cover Your Assets Compliance program since June 2015, and a few of you have been part of the beta testing. Now we have an even better way of preserving your compliance documents in one place AND reminding you about compliance requirements specific to your group size and plans: Compliancedashboard®.
Compliancedashboard® is a web-based platform which, after entering your plan and company data, auto-generates a calendar of tasks and education pieces for you to remain compliant throughout the year with the various regulations applicable to your group and plan types. You can add your entire HR team as users for everyone to receive reminders about reporting requirements and required notices.
Starting in 2017, this is THE method for monitoring your company's compliance.