Federal Compliance
ERISA compliance checklist
Stay compliant with ERISA requirements for employee benefit plans. Planlined's checklist covering Form 5500, SPDs, fiduciary duties, and participant rights.
What is ERISA?
The Employee Retirement Income Security Act (ERISA) is a federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry. ERISA provides protections for individuals covered by these plans.
ERISA applies to employer-sponsored group health plans, including medical, dental, vision, life insurance, and disability coverage. It does not apply to government or church plans, workers' compensation, or individual policies.
ERISA applies to:
- Yes Group health insurance
- Yes Self-funded health plans
- Yes Dental and vision plans
- Yes Life insurance
- Yes Short/long-term disability
- Yes HRAs and FSAs
- Yes Severance plans
- Yes EAPs
Compliance checklist
Plan Documents
Annual Filing Requirements
Fiduciary Responsibilities
Participant Rights
Form 5500 requirements
Exempt from filing
- ●Welfare plans with fewer than 100 participants that are fully insured, unfunded, or a combination of the two may qualify
- ●The plan must not hold plan assets in a trust or separate fund to use that common small-plan exemption
- ●Plans subject to Form M-1 requirements do not qualify for that exemption
- ●Government and church plans generally fall outside Title I of ERISA
Must file Form 5500
- ●Welfare plans with 100 or more participants generally file
- ●Small plans that do not satisfy the insured/unfunded exemption may need to file
- ●Plans that hold assets in trust or a separate fund generally do not qualify for the common small-plan exemption
- ●MEWAs and plans subject to Form M-1 follow additional filing rules
Official ERISA sources
- Department of Labor Form 5500 instructions — current filing rules and the small welfare-plan exemption.
- DOL Reporting and Disclosure Guide — SPD, SMM, and other disclosure timing.
- DOL Form 5500 hub — forms, instructions, and filing updates.
This checklist is educational and cannot determine a particular plan’s obligations. Confirm the current instructions and obtain legal or benefits-compliance advice for the plan.
Potential non-compliance consequences
| Violation | Penalty |
|---|---|
| Incomplete or late Form 5500 | Civil penalties may accrue daily; current instructions and correction programs apply |
| Failure to provide requested plan documents | A court may impose a daily penalty after a qualifying written request |
| Required disclosure failures | Consequences depend on the disclosure, facts, and enforcing agency |
| Breach of fiduciary duty | Personal restoration, equitable relief, and other remedies may apply |
| Prohibited transactions | Correction and excise-tax rules may apply |
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Frequently asked questions
What is ERISA?
ERISA (Employee Retirement Income Security Act) is a federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry to provide protection for individuals in these plans.
Which employers must file Form 5500?
Generally, plans with 100 or more participants must file Form 5500 annually. Plans with fewer than 100 participants may be exempt if they are fully insured or meet other specific criteria.
What triggers an ERISA audit requirement?
Plans with 100 or more participants at the beginning of the plan year generally require an independent qualified public accountant (IQPA) audit. The 80-120 participant rule may provide some flexibility.