A recent study gives powerful incentive to check in with your Benefits department to ensure you’re in compliance with the Employee Retirement Income Security Act (ERISA).
Over half (55%) of employers don’t comply with the ERISA requirement to file Form 5500, according to a recent study by ERISA Pros, LLC.
According to the U.S. Census Bureau reports, there are around 110,000 companies that employ 100 or more workers. And, the folks at ERISA Pros say public records reveal that around 60,000 of these firms haven’t filed Form 5500.
Implication: These firms are leaving themselves open to an array of federal fines because of their lack of compliance.
In fact, a company can be fined up to $1,100 for each day Form 5500 is late.