The increasing compliance burden is particularly difficult for small and medium-sized organizations, many with one or two person HR departments tasked with day-to-day HR functions. COBRA administration, HIPAA compliance, Flexible Spending Account (FSA) administration and 401(k) administration, and now SBC compliance, make the HR administrator's job complex and daunting. And getting into the weeds on the broad range of compliance issues is not typically within the broker or consultant's bailiwick. According to Grudzien, these burdens will only increase: the DOL and IRS have increased hiring of auditors to monitor compliance across the board, with a particular focus on SBC compliance, which adds pressure to client communication practices. When you work with our firm, you can rest assured that we have the expertise and the systems to help our clients alleviate these burdens
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In a recent survey, 57% of companies said they had dealt with an employee-related lawsuit in the past five years. Plus, employees win lawsuits two-thirds of the time with the average employment verdict exceeding $250,000 and the cost of defense exceeding $100,000.
Compliance Risk Management
Employers are required to provide employees with a variety of notices advising them of their rights and responsibilities. For example, did you know that your employers need to share plan documents or a WRAP/SPD; and all of the required ACA/ERISA notices to all employees. Your employers should have a HIPAA Compliance Security & Training program in place if they deal with PHI!
The Affordable Care Act (ACA) added to the already overwhelming amount of mandatory notices required for employers to remain compliant. Collecting and completing these notices is time-consuming – let us reduce the impact of this burden on your work load.
DOL Audit Compliance
The U.S. Department of Labor has increased resources to regulate and enforce employment laws -- with a particular emphasis on auditing health reform compliance.
Our agency offers an HR software tool, which provides you with a secure, online audit service that simplifies compliance by facilitating the access, distribution, and tracking of up-to-date documents, from cafeteria plans to SBC documents.