As a business owner, it is highly likely that you are always looking for ways to cut costs and improve your company’s bottom line. You may think you don’t need to spend money on an employee benefits lawyer. After all, you have a human resources department or an insurance broker to handle these matters, right?
Wrong.
There are many reasons why your business needs an employee benefits lawyer, even if you have a human resources department or an insurance broker. Here are the most important ones:
- Employee benefits lawyers stay up-to-date on the latest laws and regulations. The rules and regulations governing employee benefits are constantly changing. Staying up-to-date on these changes is essential to ensuring that your company is in compliance and doesn’t face costly penalties. An employee benefits lawyer can help you stay up-to-date and ensure that your company is in compliance.
- Employee benefits lawyers can help you design and implement employee benefit plans. According to Screen and Reveal’s Employee Benefits Statistics, 83% of large enterprises plan to continue or expand wellness programs in the future. Designing and implementing an employee benefit plan can be complex and daunting. An employee benefits lawyer can navigate the process and ensure that your plan complies with the latest laws and regulations.
- Disputes between employees and employers are not uncommon – and if a dispute arises, an employee benefits lawyer can help you resolve the issue without incurring costly litigation fees.
- Employee benefits lawyers can help you negotiate contracts. If your company is considering entering into a contract with an insurance company or third-party administrator, an employee benefits lawyer can help you negotiate the terms of the contract.
- Employee benefits lawyers can help you with compliance audits. The Department of Labor (DOL) and the Internal Revenue Service (IRS) periodically conduct compliance audits of employee benefit plans. If your company is audited, an employee benefits lawyer can help you prepare for and respond to the audit.
- Employee benefits lawyers can help you with plan terminations. If your company decides to terminate an employee benefit plan, an employee benefits lawyer can help you ensure that the termination is done correctly and in compliance with the law.
- Employee benefits lawyers can help you with mergers and acquisitions. If your company is considering a merger or acquisition, there are a number of employee benefit-related issues that need to be considered. An employee benefits lawyer can help you navigate the process and ensure that the employee benefits of the acquired company are protected.
- The PPACA alone has more than 900 pages of regulations. The Internal Revenue Code, which governs retirement plans, is more than 70,000 pages long. Navigating the complex frameworks of laws and regulations that apply to employee benefits is a daunting task for even the most experienced business owner or HR professional. An employee benefits lawyer can help businesses understand the laws and regulations that apply to their employee benefits programs.
- Employee benefits lawyers can help you with retirement plan compliance. The Employee Retirement Income Security Act (ERISA) governs retirement plans. An employee benefits lawyer can help you ensure that your company’s retirement plan is in compliance with ERISA.
- Employee benefits lawyers can help you with healthcare reform compliance. The Patient Protection and Affordable Care Act (PPACA) imposes several requirements on employers concerning health care coverage. An employee benefits lawyer can help you ensure that your company complies with PPACA.
Final Words
These are just a few reasons your business needs an employee benefits lawyer. No matter the reason, an employer who needs assistance with employee benefits law should consult with an experienced employee benefits lawyer.
An employee benefits lawyer can help you save money and avoid costly penalties, navigate the complexities of the employee benefits world and ensure that you provide your employees with the best possible benefits.
