What is an employee benefits council?
The firm’s employee benefits council comprises experts who consult and draft plan documents and employee materials for a wide range of benefits.
What is considered an employee benefit program?
An employee benefits program incorporates benefits such as health and life insurance. These benefits are provided to employees at the workplace, usually paid for totally or partly by the employer.
What are examples of employee benefits?
- Health insurance
- Paid time off (PTO) (sick days and/or vacation days)
- Flexible and remote working options
- Short-term disability
- Long-term disability
- Retirement benefits or accounts
- Life insurance
- Financial planning resources
- And more
What is executive compensation?
Executive compensation can differ depending on the type of work. To explain further, hourly workers may receive different pay packages than salary workers. Depending on the company and how they distribute their pay, some workers will be paid differently than others.
What is included in executive compensation?
Executive compensation includes benefits such as earning a salary, amenities, perks, incentives, insurances, and more.
What is executive compensation law?
Executive compensation law is complex since it embodies many tax issues that may impact stock options, non-qualified deferred compensation, restricted stock, synthetic equity, phantom stock, and more.
What is ERISA?
The Employee Retirement Income Security Act (ERISA) was established in 1974. This federal law sets the minimum standard for most voluntarily established retirement and health plans in private industry to protect individuals in these plans.
What is the primary purpose of the ERISA?
ERISA’s primary purpose is to protect the interests of employee benefit plan participants and their beneficiaries. It enforces plan sponsors to provide information about the plan to participants and establish standards of plan managers and other fiduciaries.
What qualifies as an ERISA plan?
There are three main areas within an ERISA plan. The following include:
1. Reporting and disclosure requirements. Within these requirements include:
- Annual reports
- Summaries of the plan descriptions
- Information from the benefit participant
2. Fiduciary requirements. These are the requirements of establishing the plan in writing. Included in this area are the following:
- Required plan assets that will be held with trust
- The duties and responsibilities of the fiduciary
- Prohibited transactions (such as plan assets)
3. Enforcement of ERISA rights. These are:
- Claims for benefits
- Actions to enforce ERISA requirements and ERISA plan terms
- No interference with protected ERISA rights
- Preemption of state laws
Who is covered by ERISA?
ERISA applies to private-sector companies that offer pension plans to their employees. When it comes to the specific business that ERISA covers, this includes: businesses that are structured as partnerships, proprietorships, LLCs, S-corporations, & C-corporations.