Which benefit plans does ERISA cover?

ERISA covers most private-sector employee benefit plans, including retirement plans like 401(k)s and welfare plans such as group health, disability, and life insurance. Governmental and most church plans are generally exempt. Coverage brings disclosure, reporting, and fiduciary obligations.

What is a summary plan description?

A summary plan description is a document that explains a plan's benefits, eligibility, and participant rights in plain language, and it must be provided to participants within set timeframes. It is one of ERISA's core disclosure requirements. Failing to furnish it on request can result in penalties.

Who is an ERISA fiduciary and what do they owe?

Anyone with discretionary authority over plan management or assets is a fiduciary, including plan sponsors and committee members. Fiduciaries must act prudently, solely in participants' interests, and follow plan documents. Breaching these duties can create personal liability for losses.

Free ERISA Benefits Compliance Checklist Checklist

Progress

0%

x

0 of 34 steps done

ERISA Benefits Compliance Checklist

Plan Sponsor Name:

Plan Name:

Plan Year:

Plan Administrator:

Plan Documents and Disclosures

Maintain a current written plan document for each ERISA-covered benefit planPrepare and distribute Summary Plan Descriptions (SPDs) to participantsIssue Summaries of Material Modifications (SMMs) within required timeframesEnsure plan documents and SPDs are consistentMaintain plan documents, SPDs, and amendments for the required retention periodFurnish copies of plan documents to participants upon written request

Form 5500 Reporting

File Form 5500 or 5500-SF annually for each covered planAttach all required schedules to the Form 5500Obtain an independent qualified public accountant (IQPA) audit for large plansFile for an extension using Form 5558 if additional time is neededDistribute the Summary Annual Report (SAR) to participantsCorrect late or missed Form 5500 filings using the DFVCP

Fiduciary Duties and Bonding

Identify all plan fiduciaries and document their responsibilitiesEnsure fiduciaries act solely in the interest of plan participants and beneficiariesDiversify plan investments to minimize the risk of large lossesMonitor and benchmark service provider fees and expensesMaintain a documented investment policy statement (IPS) for retirement plansConduct periodic fiduciary training for plan committee membersObtain fidelity bonds for every person who handles plan funds or assetsVerify the fidelity bond meets ERISA requirements

Prohibited Transactions and Claims Procedures

Avoid prohibited transactions under ERISA Section 406Apply available prohibited transaction exemptions where applicableCorrect prohibited transactions through the VFCP or EPCRSEstablish ERISA-compliant claims and appeals procedures for each planProvide adverse benefit determination notices with all required informationProcess appeals within the required timeframesProvide participants with access to documents relevant to their claimsComply with the external review process for health plan claimsMaintain complete claims and appeals records

Ongoing Compliance and Governance

Conduct an annual ERISA compliance review across all benefit plansMonitor DOL, IRS, and PBGC regulatory developmentsReview plan operations for compliance with plan terms and ERISA requirementsEngage qualified ERISA legal counsel for complex compliance questionsDocument all compliance decisions and corrective actions

The complete guide

Everything you need to know

01What Is the ERISA Benefits Compliance Checklist?

ERISA governs most private-sector retirement and health benefit plans, setting standards for disclosure, fiduciary conduct, and reporting. This checklist covers maintaining plan documents and summary plan descriptions, meeting participant disclosure duties, filing Form 5500, upholding fiduciary responsibilities, and following claims and appeals procedures. It helps employers administer benefit plans in line with federal requirements and protect participants' interests.

02Why Use an ERISA Benefits Compliance Checklist

ERISA imposes fiduciary duties and detailed reporting, and lapses like a missing summary plan description, a late Form 5500, or a mishandled claim can lead to penalties and personal fiduciary liability. Because obligations span documents, disclosures, and prudent plan management, they are easy to fragment across teams. This checklist consolidates them so plan sponsors meet deadlines, disclose properly, and document prudent decision-making.

03How to Use This ERISA Benefits Compliance Checklist

Confirm each covered plan has current governing documents and a distributed summary plan description. Verify required participant notices and disclosures are provided on time, and that Form 5500 is filed by its deadline where applicable. Review fiduciary processes, including prudent selection and monitoring of investments and vendors, and check that claims and appeals follow ERISA procedures. Document decisions and tick each control annually.

ERISA Benefits Compliance Checklist

ERISA Benefits Compliance Checklist

Plan Documents and Disclosures

Form 5500 Reporting

Fiduciary Duties and Bonding

Prohibited Transactions and Claims Procedures

Ongoing Compliance and Governance

Everything you need to know

01What Is the ERISA Benefits Compliance Checklist?

02Why Use an ERISA Benefits Compliance Checklist

03How to Use This ERISA Benefits Compliance Checklist

Keep your hiring moving

Ready to interview your shortlist?

Frequently asked questions