UBA Strategic Partner of the Month

ERISA (Employee Retirement Income Security Act) establishes certain minimum standards of private employers who provide pension, retirement, profit-sharing plans or health insurance coverage as well as grants certain rights to employees covered by those plans. In addition, ERISA authorizes a range of penalties or punishments for individuals or plans that fail to comply with those standards. Are your clients compliant?

You have an opportunity to elevate your status to being a "trusted advisor" by helping your clients staying ERISA compliant. CXC currently offers a couple of solutions that will help you with ERISA compliance. Be on the lookout for more solutions to be offered as we grow this area of business and become your leader in all health care compliance solutions.

Current CXC ERISA compliance solutions include the following.

5500Xpress
If an employee benefit plan is subject to ERISA, the Department of Labor requires that a Form 5500 be filed every year. 5500Xpress is an efficient solution to accurately populate and file IRS Form 5500. 5500Xpress provides a wizard-based workflow to expedite data collection through need-based questions while complying with DOL regulations. Our tool assists clients to generate all supporting document schedules that may be required, before electronically signing and filing.

PoPXpress
A Premium Only Plan (POP) offers a subset of the qualified benefits allowed for Cafeteria Plans, follows a certain nondiscrimination Safe Harbor, and is very simple for an employer to establish at any time. The Section 125 Premium Only Plan is a tremendous opportunity for you to enhance your benefits package for your employees, without going through an administrative hassle. POPXpress is a one stop shop for necessary POP documents and testing, keeping you IRS compliant with ease.

Under ERISA, violations of provisions of the law can result in penalties. The first are civil penalties such as fines, being required to change certain procedures or practices, or to make a payment to a plan member or beneficiary. The second are criminal punishments, which can mean not only that a party may need to pay a fine, but that a person convicted of violating an ERISA requirement could be imprisoned. Keep your clients safe from any potential ERISA penalties and violations by partnering with your trusted compliance partners, CXC Solutions.

Visit the CXC Solutions page on the UBA Wisdom Network, or contact  Mark T. Miller at markm@cxcnetwork.com or 972.241.0010.