Compliance is mostly a tactical function for small and mid-sized employers, but the details can be overwhelming to a small HR department. A broker can make compliance straightforward and manageable.
Examples of a broker assisting with compliance would include such things as:
- A Compliant (wrap) Summary Plan Description (SPD).
- A package of compliant HR forms for the employees from new hire through the exit interview.
- Compliant and thorough open enrollment documentation.
Benefits brokers should be helping clients meet standards of compliance by keeping an eye on the details – of which there are a great many. The tactical components of compliance are nothing to sneeze at. A professional employee benefit consultant will spend hours reading contracts in order to keep clients current about what insurance companies are doing.
Unfortunately, such diligence from a broker cannot always be expected. At Johnson & Dugan, our practices include a number of processes and procedures that keep clients in compliance.
In the face of the new health care reform laws, we believe that compliance will become increasingly important, which is why we work to ensure that our clients meet all compliance regulations.