Simplifying and streamlining compliance administration
Sequoia understands that good compliance practices are a critical component in the administration of health and welfare benefits. Yet the injection of the Affordable Care Act (ACA) into the already-complicated landscape of regulatory requirements makes compliance that much more difficult to address for a growing business. Whether you are a large or small employer, or whether you have a fully-insured or self-insured benefit plan, Sequoia offers an expert compliance team to help you stay ahead of the game. We offer the education, tools, and resources you need to simplify administration and streamline your obligations:
Proudly serving the most forward-thinking, employee-focused companies
If you ask our clients why they chose to partner with Sequoia, you’ll discover that our passion for service is what sets us apart.
Avoiding missteps and gaining peace of mind
The amount of information that employers needs to stay abreast of, and the tasks required to hit critical compliance obligations, is near impossible to achieve with limited HR resources and without in-house legal advisers. That’s where Sequoia steps in, providing guidance and resources that help you gain a better understanding of how various rules and regulations work.
The Sequoia compliance promise:
Protect your business
Sequoia ensures that your benefits strategy incorporates a compliance plan to limit your exposure to fines, penalties and lawsuits.
Simplify compliance administration
Sequoia takes the lead on your compliance obligations by simplifying and streamlining administration. We explain multiple volumes of compliance rules and regulations to make them digestible and provide access to various tools to help keep the maintenance simple. By eliminating the burden of compliance administration, you can focus on the strategic priorities and the day-to-day operation of your business.
Sequoia’s compliance team conducts knowledge transfer of laws and requirements to your team to ensure you have the internal expertise you need to stay ahead of your compliance obligations.
The Sequoia compliance difference:
Expertise and resources
Through various resources, from access to CPA expertise to educational seminars, Sequoia works to make the maintenance of compliance obligations easy to implement and monitor.
The continued pursuit of education in the areas of compliance is the first line of defense for your business. Sequoia proactively educates employers so they know what is expected of them and understand how the various regulations work with one another.
The Sequoia ecosystem
Sequoia’s compliance services perfectly complement the other superior service offerings from Sequoia Consulting Group, including employee benefits and 401(k) services. Feel confident knowing that a trusted adviser is consulting with you on everything you need to protect your business and provide a stellar employee experience.
“What a joy it is to finally find a vendor who truly understands the myriad of issues faced by the CFO and the HR leader in a agile, high growth company. Sequoia has responded to every single issue we have raised with sensible advice, rapid execution and superb financial outcomes.”
CHIEF FINANCIAL OFFICER
Eliminating risk and keeping informed
Not only does adherence to regulations protect your company from fines and keep employees informed, it also helps build a strong foundation as a good corporate citizen. Sequoia ensures your compliance obligations have been streamlined for maximum efficiency with the following service offerings:
Compliance Review & Checklist
Sequoia’s compliance team will assess your compliance responsibilities based on the size and needs of your organization. We provide a tailored compliance review utilizing a checklist that compiles major compliance topics, including:
- ACA requirements
- COBRA coverage
- Federal and IRS reporting obligations
- Plan notification rules
- Requirements under local ordinances
Compliance Calendar & Notifications
Sequoia provides a tailored annual compliance calendar that includes an aerial view of the year. We also provide an illustrative notification timeline by month that highlights the various compliance touch points, including but not limited to:
- Open enrollment material distribution
- Annual notice requirements
- Document distribution deadlines
Sequoia proactively updates clients on recent changes in various compliance rules and regulations affecting the administration of health and welfare benefit plans. We provide compliance alerts with information on ACA rules and regulations, changes in federal and state legislation, and regional compliance requirements. We also provide legal alerts prepared by experienced ERISA attorneys with details on national healthcare reform and its effect on employers.
Sample Documentation & Form Preparation
The Sequoia team has the expertise to assist with required documentation and form preparation to take some of the pressure off your HR staff. Our services include:
- IRS Form 5500 preparation. Internal Revenue Service (IRS) Health and Welfare Form 5500 is a specific filing provided to the IRS that reports information regarding employee benefit plans. An employer with over 100 employees participating in their health and welfare benefit plan is obligated to complete an IRS Form 5500 for that plan year. Sequoia assists in the preparation of the Form 5500 on your behalf.
- Wrap Summary Plan Description (SPD). ERISA requires group health plans to maintain written plan documents and to provide what is called a summary plan description (SPD). The SPD provides information to participants on plan rules, the benefits available under the plan, eligibility criteria, and other important information. One solution for a group that has more than one SPD is to combine all SPDs into a “Wrap SPD” that essentially wraps the benefits together into one document that satisfies reporting requirements under ERISA. Sequoia can help clients with document efficiency by preparing a Wrap SPD for their plans.
- Other template documents. As needed, our team can assist with providing templates for other types of necessary documents.
Sequoia becomes your trusted compliance adviser, ensuring that your internal team has the knowledge they need to operate effectively. It is easy to get stuck in compliance details, but our experts will help your team see the forest for the trees, explaining why regulations exist and how to meet them. To continuously promote your administrators’ understanding, Sequoia provides the following educational resources:
- Compliance seminars. These in-person seminars cover topical compliance subjects and incorporate issues that affect employers in the digital age.
- Monthly webinars. Our live webinars range in topics from HIPAA compliance to practical solutions for the HR/Payroll specialist.