The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for most voluntarily established retirement and health plans in the private industry—this helps provide protection for individuals using these plans. It also establishes rules to make sure that plan funds are protected and participants receive their benefits even if a company goes bankrupt.
If you have benefits with Gusto, here’s what we’ll do to help keep you compliant:
- Maintain compliance for employee and employer contributions by automating any necessary payroll deductions and maintaining records.
- Distribute notices and disclosures required by ERISA, like the Summary Plan Description (SPD), and maintain records of when those were provided to each employee.
- The SPD is available to employers and employees in their Gusto account—here's where to find it:
- Employers: Head to the Documents section of your account, toggle to the Company tab, and look for the “Health & Welfare” document.
- Employees: Head to the Documents section of your account, and look for the “Health & Welfare” document.