ERISA Reporting and Disclosure Requirements: Zavislak v. Netflix Inc.; Statutory Exclusions, Exemptions

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ERISA imposes a variety of complex and essential reporting and disclosure requirements on plan administrators. The rules require administrators to report financial and other plan information to the IRS, DOL, and to plan participants and their beneficiaries.

The IRS has primary jurisdiction over participation, vesting, and funding issues, and enforces compliance by imposing excise taxes and penalties. The DOL has primary jurisdiction over reporting, disclosure, and fiduciary matters, and enforces compliance by imposing fines and bringing civil or criminal actions. Any violations of Title I of ERISA may lead to lawsuits filed against plan administrators by participants, beneficiaries, plan fiduciaries, and the DOL, resulting in massive civil penalties.

Also, plan administrators are subject to criminal liability for knowingly making any false statement or misrepresentation or failing to disclose information necessary to verify the accuracy of reports submitted under Title I of ERISA. Counsel and compliance professionals must have in-depth knowledge of the rules and regulations for reporting and disclosure under ERISA to avoid claims and penalties.

Listen as our panel provides a detailed analysis of the reporting and disclosure rules under ERISA, statutory exclusions, and best practices in avoiding claims and penalties.

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