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MANAGEMENT
Compliance with ERISA
ACCORDING TO a recent study benefi t plans, such as 401(k), each benefi t Plan, is not subject
by ERISA Pros, LLC, the major- group life, medical, dental, and to a statute of limitations, and
ity of U.S. employers with 100 disability insurance plans. It is not tax deductible to the em-
or more employees do not com- imposes strict requirements ployer. According to ERISA Pros’
ply with the ERISA requirement on employers sponsoring these founder, Bernard Kearse, “An em-
to fi le an annual Form 5500 for plans to report certain fi nancial ployer sponsoring life, medical,
their health & welfare benefi t information to the Department dental, and disability insurance
plans. U.S. Census Bureau re- of Labor annually on Form 5500, plans that fi les its Form 5500s
ports show that there are about and to disclose benefi t related just 30 days late could be fi ned
110,000 employers that employ information to their Plan par- $132,000. If that employer earns
100 or more people. However, ticipants in a Summary Plan 8 percent net after tax, it would
according to public records, Description (SPD). have to generate $1,650,000
some 60,000 of these employ- ERISA is enforced by the U.S. in sales revenue to pay for the
ers have not fi led a Form 5500 Department of Labor (DOL), government’s fi ne.” ■
for a Welfare Benefi t Plan; a 55 which can penalize an employer
percent rate of noncompliance. up to $1,100 per day that its Form
ERISA is a federal law that 5500 is fi led late. This penalty is
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regulates employer sponsored cumulative, applies separately to
Q MART GROUP INC.
WALLETS
77 Morgan Ave., Brooklyn, NY 11237
We Have Lambskin and Cowhide
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1-800-258-8183
www.Qmart.us
SHOPPING
Importer, Wholesaler, Lowest Prices
BAGS
SCARVES Designer & Baseball Caps
BELTS
We Have Lots of Belts for
Men, Ladies & Children
SOCKS BOXERS & SHIRTS
FIDORA HATS
INDEPENDENTRETAILER.COM for Industry News & Updates March 2010 105
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