In employee benefits, the only constant is change, especially in the world of compliance. Some changes will impact employers this year, while others have long-term implications. Organizations committed to becoming a destination employer must keep pace with evolving legislative and regulatory changes. These changes often pose a threat to the development of strategic benefits and compensation programs meant to attract top talent.
Health and welfare benefit plan managers have a fiduciary duty to plan participants. This means you must conduct your plan management activities in accordance with the fiduciary standard of care. It is easy to make a mistake or forget to perform a critical task. Even seemingly minor mistakes or omissions can result in massive penalties or fines, costly and time-consuming lawsuits, and even criminal prosecution.