There are two ERISA requirements that, for the most part, employers are just not meeting.
That's the word from 71 percent of brokers who say their clients aren't maintaining plan documents or providing employees with summary plan documents—two major requirements under ERISA, according to an HR360 survey.
Why? Brokers identified four main reasons: Their clients mistakenly thought they were compliant by distributing benefits booklets/summaries; they were not aware of the ERISA requirements; it was too difficult and time-consuming to develop the documents; and it was too expensive to do so.
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