What health insurance plans are ERISA?
The bottom line is that most group health plans are subject to ERISA. Other employer-sponsored plans such as dental, vision, life, disability, Health FSAs and HRAs are also subject to ERISA in most instances.
What companies are covered by ERISA?
ERISA applies to private-sector companies that offer pension plans to employees. This includes businesses that: Are structured as partnerships, proprietorships, LLCs, S-corporations and C-corporations. No matter how your employer has structured his or her business, it is covered by ERISA if it is a private entity.
How do I know if my health insurance is ERISA?
If it is an employer-employee plan, you next look to funding. If the plan is funded by contribution from the employer and employee, it is a self-funded ERISA plan and pre-empts state law. If the plan is funded by purchased insurance coverage, it is a fully insured ERISA plan and is subject to state law.
What is an ERISA company?
The Employee Retirement Income Security Act (ERISA) is a federal law from 1974 that governs how employers provide benefit plans to employees. ERISA is administered in part by the Employee Benefits Security Administration (EBSA), a branch of the US Department of Labor.
Is a 403b an ERISA plan?
403(b) plans sponsored by governmental and public education employers are exempt from ERISA. 403(b) plans sponsored by religious organizations (churches, church-controlled organizations, 414(e) religious organizations) are also exempt from ERISA but may elect ERISA coverage.
Are fully insured health plans subject to ERISA?
Generally, a self-funded ERISA plan always receives the benefits of ERISA preemption, the fully-insured ERISA plan sometimes receives the benefits of ERISA preemption, and the non-ERISA plan never receives the benefits of ERISA preemption.
Does ERISA apply to federal employees?
ERISA only applies to private companies, so benefits offered by public employers at all levels—local, state, and federal—are exempt from these regulations.
How do I know if my company is subject to ERISA?
Any employer who provides pension plans to its employees is subject to ERISA. This law also applies to several other types of employee benefit plans, including: Health and dental insurance plans. Unemployment benefits.