Employee benefits are often used as a means of attracting the best talent to your workforce. The more attractive the benefits package, the more likely you will distinguish yourself from your competitors. However, continually improving and changing your benefits package to attract the best workers can have unintended consequences. Retaining an ERISA litigation practice in West Virginia is your best safeguard against mistakes.
Depending on your industry, your competitors may quickly copy any improvements you make to your benefits package. In response, perhaps you offer more. They follow. Eventually, one party has to stop before benefits get out of control. Not only are there cost implications of continuously amending benefits packages, but there are onerous reporting obligations to comply with as well.
The regulatory requirements of employee benefits are mostly governed by the Employee Retirement Income Security Act (ERISA), setting out minimum standards for packages covered under its jurisdiction. A thorough knowledge of the intricacies of ERISA by every West Virginia employer is challenging ― but necessary to avoid litigation from employees or unions. Having a law firm on hand to advise you can help.
The Department of Labor has published an overview of what must be documented and reported in connection with employee benefit plans. While some reporting is required annually, material changes to benefit plans may require more frequent reporting, depending on the nature of the change.
The Kentucky ERISA litigation lawyers at Pullin, Fowler, Flanagan, Brown & Poe can advise you on your reporting disclosure requirements. We can also advise you on litigation arising from employment benefits plans and their administration. Contact us at any of our four offices across West Virginia to discuss your employee benefits.