Regardless of the size of your business, it is likely you offer some kind of employment benefit package. The Employment Retirement Income Security Act (ERISA) of 1974 applies to private employers in the United States who offer employee benefit and pension plans.

Intended as an incentive for the creation of employment benefit packages and to provide minimum standards for voluntarily established health and pension plans, ERISA regulations are complicated and cover benefits including:

Health insurance Life insurance Short term disability insurance

Long term disability insurance Pension plans Investment programs

ERISA requires employers provide policyholders with information, such as:

• Plan features and benefit descriptions
• Details of the benefit claim process
• Options for temporary continuation of group health coverage

The complicated thrust of ERISA legislation requires involvement of an employee benefits attorney upon creation or review of an existing employee benefit plan. From both a tax and risk management perspective, working with an ERISA attorney to ensure conformity is essential.

How an Employee Benefits Attorney Can Help

If you are a plan sponsor, an employment benefits attorney can:

• Assist with creation, review, and compliance of a new or existing employee benefits package
• Assess the impact of recent regulatory, legal, and tax changes
• Provide counsel on issues including appropriate investment tools, retirement, welfare benefit plans, tax issues, acquisitions, plan mergers, and substantial reductions in workforc.

An employment benefits attorney is crucial for maximizing benefit plans available to your employees and limiting your business liability.  Look for the following when considering an employment benefits attorney:

• Background: While the cost of employee benefits attorneys may not be a line item in your Human Resources budget, an employee benefits plan is a legal contract creating liability and responsibilities in your role as plan sponsor. Get an experienced, knowledgeable ERISA attorney to review new or current benefits documentation.
• Experience: Seek referrals from trusted advisors in the insurance regulation industry for an independent employee benefits attorney. A tax or contracts lawyer may not have experience with the complex specifics of ERISA legislation and the problems that arise with plan inconsistencies.
• Costs: Paying for due diligence work of a focused ERISA attorney is money well spent in reduction of legal risk and liability. Investigate the cost of a flat fee for specific services you need. Do not wait until you are sued, litigation of any sort will cost more than risk management fees paid up front.

Get Help from an Employment Benefits Attorney

With over 30 years experience with ERISA regulations and compliance, the Law Offices of Laurence F. Padway offer skilled, independent legal counsel on ERISA issues. Contact us or call 510.814.6100 today for a free consultation.