ERISA
ERISA (Employee Retirement Income Security Act) is a major law that sets rules for employee benefits like health insurance and retirement plans. Think of it as a rulebook that companies must follow to protect their employees' benefits. HR professionals need to understand ERISA because it affects how they handle employee benefits, create benefit plans, and ensure the company follows all legal requirements. While similar to other benefit laws, ERISA is specifically focused on making sure employee benefits are managed properly and that employees receive clear information about their benefits.
Examples in Resumes
Managed compliance with ERISA requirements for company benefit plans affecting 500+ employees
Led ERISA audit preparation and coordination with external auditors
Developed ERISA-compliant benefit plan communications and documentation
Typical job title: "Benefits Administrators"
Also try searching for:
Where to Find Benefits Administrators
Professional Organizations
Online Resources
Job Boards
Example Interview Questions
Senior Level Questions
Q: How would you handle a DOL audit of benefit plans?
Expected Answer: A senior professional should explain the process of preparing required documentation, coordinating with legal counsel, organizing employee records, and managing communication between various stakeholders including third-party administrators and auditors.
Q: What steps would you take to ensure ERISA compliance when making major changes to benefit plans?
Expected Answer: Should discuss the importance of proper notice periods, documentation requirements, communication strategies with employees, and coordination with legal counsel to ensure all changes meet ERISA requirements.
Mid Level Questions
Q: What are the key ERISA notice requirements for benefit plans?
Expected Answer: Should be able to explain timing requirements for various notices, such as Summary Plan Descriptions, Annual Reports, and Plan Changes, and how to ensure they're properly distributed to employees.
Q: How do you ensure proper fiduciary compliance in benefit plan administration?
Expected Answer: Should discuss maintaining proper documentation, following plan documents, ensuring timely contributions, and making decisions in the best interest of plan participants.
Junior Level Questions
Q: What is ERISA and why is it important?
Expected Answer: Should explain that ERISA is a federal law protecting employee benefits, covering aspects like retirement plans and health insurance, and ensuring proper management of these benefits.
Q: What are the basic required documents for ERISA compliance?
Expected Answer: Should mention Summary Plan Descriptions (SPDs), Plan Documents, Annual Reports (Form 5500), and basic recordkeeping requirements.
Experience Level Indicators
Junior (0-2 years)
- Basic understanding of ERISA requirements
- Assistance with benefit plan administration
- Help with employee benefit communications
- Support during annual enrollment periods
Mid (2-5 years)
- Management of benefit plan documentation
- Coordination with third-party administrators
- Handle regulatory filings
- Employee benefit education programs
Senior (5+ years)
- Strategic benefit plan design
- Audit preparation and management
- Complex compliance issue resolution
- Department of Labor investigation handling
Red Flags to Watch For
- No knowledge of basic ERISA compliance requirements
- Unfamiliarity with benefit plan documentation
- Lack of experience with regulatory filings
- Poor understanding of fiduciary responsibilities
Related Terms
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