ST. CROIX INSIGHTS
Hey Business Owners & Group Benefits
BY BRETT ANDERSON/ST.CROIX ADVISORS, LLC
Group benefits- yes you’ve heard everything on this topic. Well, maybe. Last week I was at a conference put on by Ron Linnenman, Employee Benefit Consultant at Western Insurance Agency. I know – what an exciting topic and you wish you could have attended!
Here was the ‘ah ha’ moment of my time during this seminar. Our government has hired over 1,000 agents to investigate IF you and I (the business owners) are compliant with a host of laws, such as:
- ERISA Wrap Notices
- Summary Plan Descriptions
- Cobra Admin
- 5500 Notices
- And the list goes on…
But the real intent here is to fine employers to raise revenue. What’s interesting is that most of these laws have been on the books for years, just not enforced, and until recently they’ve indexed them for inflation. Just think…we voted for these people.
They are focusing on compliance, particularly documentation that they know employers are missing! After all, they wrote the regulations and what to look for. You and I are employing people so they can support and provide for their families, and we have to play this cat and mouse game with our own Government. Just doesn’t seem right!
“What I walked away with from Ron’s presentation is that not only is he using a compliance tracking suite for his group benefit clients, but a compliance company to help with all this for his clients. ”
If you are worried about compliance, and would value help with the Government staying out of your Kool Aid, let me know and I’ll help coordinate a formal meeting with Ron so he can discuss this very topic with you.
Let me know!
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