GFI Insurance Brokerage, Inc. has aligned with TASC (Total Administrative Services Corporation) to enhance its clients’ benefits experience as healthcare reform pushes compliance to the forefront.
Through the alliance, GFI Insurance will provide solutions to ensure compliance of the Employee Retirement Income Security Act (ERISA), Consolidated Omnibus Budget Reconciliation Act (COBRA) and Family Medical Leave Act (FMLA), while saving time and money by eliminating the administrative burden and expensive penalties associated with non-compliance.
“Many companies that think they are compliant are actually missing the mark. In fact, the IRS estimates that nearly 90 percent of all firms subject to COBRA are not fully in compliance with regulations,” said Jermaine Pugh, executive benefits consultant at GFI Insurance.
“Our partnership with TASC will offer our clients peace of mind and help ease concerns.” Founded in 1975, TASC is the nation’s largest privately held third-party benefits administrator.
Failure to comply with ERISA requirements can lead to costly government penalties and even employee lawsuits.
In 2013 alone, the Department of Labor collected $1.69 billion in employee monetary recoveries and or fines.
“The bottom line is that if you offer health and welfare benefits, you are at risk,” said TASC Regional Sales Director Eric Meyerhoff. “Rumor has it that the Department of Labor is aiming to audit all U.S. businesses with one or more employees within the next five years, which means that it’s more critical than ever before to be sure that you are compliant.”