In benefits administration the stakes are high. Benefit plan sponsors risk disqualification of their plans, litigation, and civil and criminal penalties for any mistakes – even inadvertent ones.
These consequences can result from a number of benefits administration blunders, including improper plan management. For example, a plan sponsor must ensure all covered individuals are eligible for coverage under the plan. If an insurance company discovers a plan is covering ineligible individuals, the insurance company can deny payment of the claims. This would leave the plan sponsor responsible for any outstanding claims due, which could mean an exorbitant amount of money lost for employers as a result of a mistake which could have easily been avoided.
Another common mistake that can be avoided is when plan sponsors fail to amend their plan documents in a timely manner to implement changes required by the federal government. Such failures are considered to be document failures and the fees charged to have these documents corrected can cost an employer up to $25,000.
Again, all simple things that can – and should – be easily avoided. Hence, this training session.Learning Objectives
In "The Ten Employee Benefits Mistakes You Will Make This Year", you will learn the most common mistakes plan sponsors make - plus practical solutions for getting things right – and mitigating liability!
Covered topics include:
About Your Presenter
- Failing to handle new employees properly
- Covering ineligible individuals
- Improperly handling COBRA continuation coverage
- Having insufficient plan documents, forms and summary plan descriptions
- Failing to follow plan documents
Bob Ellerbrock, a member of Constangy’s employee benefits practice group, specializes in the areas of ERISA fiduciary duties, benefit plan drafting and revision, and plan compliance issues.
Bob works with all types of employee benefit plans, including retirement plans, non-qualified plans, and Section 125 plans, as well as employment agreements, severance and other agreements. He also advises clients in regards to legislation affecting employee benefit plans.
He frequently speaks on employee benefit issues , such as HIPAA privacy and security rules, common employee benefit plan mistakes, COBRA, and the Patient Protection and Affordable Care Act (PPACA).Earn PHR / SPHR Re-Certification Credits!
This program has been approved for 1.5 recertification credit hours through the HR Certification Institute. For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org. The use of this seal is not an endorsement by HRCI of the quality of the program. It means that this program has met HRCI's criteria to be pre-approved for recertification credit.