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The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for welfare benefit plans maintained by private-sector employers. ERISA-covered welfare benefit plans must comply with certain ongoing reporting and disclosure requirements, including the following:
Summary plan description (SPD)—Employers must automatically provide an SPD to participants when they begin participating in the plan.
Summary of material modifications (SMM)—Changes to the plan must be communicated to participants through an updated SPD or SMM.
Form 5500 —Employee benefit plans are subject to an annual reporting requirement, unless an exemption applies.
Not complying with ERISA’s reporting and disclosure requirements may trigger penalties for an employer or put the employer at a disadvantage in the event that an employee dispute over benefits arises.
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