ERISA compliance: 55% of firms wide open for big fines
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.
- Share on
Free Training & Resources
Further Reading
Repetitive data entry tasks can drain productivity. Excel’s Autofill and Flash Fill features automate these tasks, saving time and reduci...
Businesses are looking for competent number-crunchers. Some are even desperate to find talent. But the next wave of finance professionals i...
Heads up: Public accounting firms will need to implement (or update existing) quality control protocols. And they must reevaluate their qua...
The Financial Accounting Standards Board (FASB) is requiring public companies to disclose expense details involving employee compensation, ...
Excel financial formulas allow users to process accounting data quickly and easily. To use a financial formula in Excel, click on the â€...
You can now file Form 1099 series information returns using the Information Returns Intake System (IRIS) online portal. Step one is enrolli...
