Regulatory Support & Compliance
Insurance laws and regulations are constantly changing. Many companies find it difficult to keep up with this complex environment. Let us be your guide through the complexities of the growing number of regulatory and compliance issues. CME recognizes the importance of addressing these compliance issues and can offer its clients professional assistance in these areas by providing a comprehensive set of regulatory support and compliance services.
CME’s Compliance Alerts can provide you with local, regional, and national information to keep you up-to-date concerning the latest compliance issues.
CME helps you obtain the highest degree of control in managing an environment that is constantly changing while maintaining a streamline focus on business plans, communication efforts, and employees.
CME can offer you drafting and review services for a more efficient and effective benefits plan that will comply with legal regulations and laws. Plan and Summary Plan Description Preparation:
– Prepare “wrap welfare benefit plan” to permit filing of all welfare plans under a single Form 5500 – Prepare “wrap summary plan description” to use in connection with insurance company and/or TPA documents
– Prepare Section 125 Plan and Medical/Dependent Care Spending Account Plans
Preparation of Required Client Information Including:
– Plan Documents
– Summary Plan Descriptions (with any Summaries of Material Modifications)
– Benefit Descriptions, Announcements, and Enrollment Materials
– Forms 5500 and Summary Annual Reports
– Compliance Testing (where needed)
– HIPAA Privacy Compliance Materials
– Identification of Entities (that together, with the client, are treated as a single employer)
Section 125 non-discrimination testing is quite complex. With its numerous overlapping regulations, non-discrimination testing leaves your company exposed to risks that could result in non-compliance and legal ramifications.
At CME, we can use our extensive experience to assist you in navigating these confusing, multifaceted rules in order to remain in compliance and avoid any legal risk exposure.
In order to keep our clients current with all mandates and laws concerning employee benefits, we can conduct comprehensive compliance reviews. Many plan sponsors do not have formal ERISA plan documents and simply substitute with “blanket” booklets or contracts supplied by insurance carriers.
At CME, you will never need to think twice as to whether or not you are in compliance with regulations or laws.
Our compliance reviews will:
– Confirm that plan documents satisfy specific ERISA and Code Requirements
– Confirm that Summary Plan Descriptions satisfy ERISA content requirements
– Confirm that required Form 5500s and Summary Annual Reports have been prepared
– Determine whether compliance testing has been performed
– Determine whether documents satisfy HIPAA privacy and security requirements
Complying with ERISA standards and regulations can be a difficult task, especially when the line between what is in accordance with the law and what is not can often be gray.
CME can offer you the opportunity to alleviate some of the fiduciary pressures of ERISA by assisting you in preparing the Form 5500 for all insured health and welfare plans. We can assist you by collecting the necessary schedules and preparing a signature ready document.