Build an effective compliance strategy
Compliance with Health and Welfare statutes such as ERISA, HIPAA and COBRA are critically important to the success of your
benefit program. With complex laws jointly enforced by federal agencies such as the IRS and Department of Labor, you
need assistance in maintaining compliance. CBC can help bring your employee benefit program into compliance,
economically and prudently, and within the structure of your existing procedures and processes.
Compliance issues are unique to each employer. Whether it is the development or modification of a Plan Document,
a Summary Plan Description (SPD) or the critical filing of annual 5500s, we can assist you. Comply-Source provides
information and guidance with a comprehensive understanding of compliance issues affecting a modern health plan.
Summary Plan Descriptions
Many employers rely upon boiler plate summary plan descriptions or certificates of coverage to be compliant. These
documents are typically generic and leave out many of the mandatory disclosures such as:
- ERISA rights
- Claims procedures
- COBRA rights
SPD fills the void between what is in your carrier document and what is missing to be compliant
Certificate/Plan Document Distribution.
Certificate/Plan Document distribution is required by the Department of Labor. Comply-Source
and tracking in a cost effective manner.
- All documents are web-hosted in a secure environment
- Employees choose to have their documents maintained electronically or request to have them mailed
- All requests for paper distribution are mailed and documented within 48 hours of request
CBC has partnered with the 5500 Tax Group to manage the review and submission of this required
tax form. 5500 Tax Group understands the IRS and DOL reporting requirements surrounding benefit
plans better than general accounting firms. They constantly monitor changes in ERISA laws
and required compliance issues. 5500 Tax Group minimizes your risk of non-compliance while
removing the need for you to track due dates and tax law changes.
- Avoid filing penalties
- Eliminate 5500 preparation costs
- Prepare/review Form 5500 and related attachments as well as Form 5558 filing extension
- Assist with electronic filings
- Assist with IRS and DOL inquiries
- Perform employee benefits related tax technical research
- Prepare additional employee benefit filing requirements, including Forms 5330 and 990
- Provide analysis of welfare plan Form 5500 filing requirements
- Perform nondiscrimination testing for Cafeteria Plans under internal Revenue Codes 125,
129 and 105(h)
CBC will schedule a complimentary review of a single IRS Form 5500 Return of your choice. This
review covers items that may trigger a Department of Labor notice or audit. Upon completion,
you will receive a report of our findings.