Compliance is essential for businesses to operate ethically and legally, shielding them from penalties and reputational damage. Comprehensive compliance programs not only reduce legal and financial risks but also promote trust and accountability among stakeholders. By prioritizing compliance, organizations demonstrate responsible conduct, strengthen their reputation, and establish a solid foundation for sustainable growth in a constantly evolving regulatory environment.
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Achieve Compliance Easily with Ameriflex's Guidance
Ameriflex can help you achieve compliance by offering expert guidance and customized solutions for navigating the complex regulations surrounding consumer-driven healthcare plans and COBRA, ensuring your organization confidently meets all legal requirements.
It Can Cost Your Company Not to be Compliant
Failing to maintain compliance can lead to significant financial penalties, legal repercussions, and damage to your company’s reputation, ultimately jeopardizing its long-term success and stability.
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Take a few minutes to complete our compliance quiz and gain valuable insights that can help safeguard your organization’s integrity and ensure you’re on the right track.
Compliance For All Situations
These are the most frequently encountered situations.
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The Costs of Non-Compliance
Non-compliance can lead to hefty fines, legal troubles, and significant reputational damage, ultimately threatening your organization’s financial stability and success.
505
Civil investigations closed by Employee Benefits Security Administration and produced monetary results for plans or corrective action in 2023
$844.7 Million
Recovered in investigations by Employee Benefits Security Administration in 2023
Ameriflex Has Your Compliance Covered
Non-compliance can have serious repercussions for organizations, including the following penalties:
Failure to have a SDP WRAP in Place: $110/day per participant for each violation of failure to provide an SPD or plan document within 30 days of receiving a request from a plan participant or beneficiary.
Failure to File Form 5500: Up to $2,670 per day against plan administrators if deficient, late, or unfiled. Serious and willful attempts to avoid Form 5500 filing can even result in criminal penalties.
Late or Incorrect ACA Reporting: The penalties for late or incorrect reporting are $310 per form for Forms 1095-C and Forms 1094-C. If the failure was intentional, the penalty is $630 per employee.
Form 5500
Annual report for employee benefit plans to disclose financial info.
SPD WRAP
Combines Summary Plan Description and required ERISA notices into one document.
Non-Discrimination Testing
Ensures employee benefit plans don’t favor highly compensated employees.
ACA Reporting
Required reporting for employers to show compliance with the Affordable Care Act.
ePop Docs
Streamlines the creation and distribution of employee benefit plan documents.
COBRA
Allows eligible employees to continue health coverage after job loss or qualifying events.