DRDA CPA

Contact Us @ 281-488-2022
Email Us @
info@drdacpa.com
  • Home
  • Who We Are
  • Services
  • Business Solutions
    • DRDA, LLC Payroll
    • Retirement Plan Solutions
    • Employee Benefits
    • Health Care
    • HR Consulting Services
    • Corporate Transparency Act – Beneficial Owners Information Reporting
    • Employee Retention Credit
  • ERISA Bond
  • Join the Team
  • Client Access
    • Client Portal
    • DRDA Payment
      • Pay an invoice
      • Pay over time with interest
      • Retainer Pay
  • Client Resources
    • FAQ
    • FAQ PORTAL
    • PORTAL HELP
    • MSO FAQ
    • YETP FAQ
  • Blog
    • Blog
    • Culture
  • Newsletter
    • Newsletter
    • Annual Tax Letter 2023
  • Home
  • 2023
  • June

What is ERISA and how does it benefit your business?

Thursday, 08 June 2023 by DRDA LLC

By: Agustin Muniz

Employee Retirement Income Security Act (ERISA)

The Employee Retirement Income Security Act (ERISA) is a significant federal law that sets standards for employee benefit plans offered by private employers. Enacted in 1974, ERISA aims to protect the rights and interests of employees who participate in retirement plans, health insurance programs, and other welfare benefit plans. ERISA was enacted to establish minimum standards for employee benefit plans to safeguard the financial security and welfare of employees. It applies to private-sector employers that offer employee benefit plans, including pension plans, 401(k) plans, health insurance plans, and other welfare benefit plans. ERISA does not cover government plans, church plans, or plans maintained outside the United States for non-resident aliens.

One of the central aspects of ERISA is the imposition of fiduciary standards on those who manage and control employee benefit plans. Fiduciaries, such as plan administrators, trustees, and investment managers, are legally obligated to act in the best interests of the plan participants and beneficiaries. They must exercise prudence, loyalty, and diligence in managing the plan and its assets. ERISA mandates various reporting and disclosure requirements to ensure transparency and accountability in employee benefit plans. Employers are required to provide plan participants with essential information, including plan features, funding mechanisms, investment options, and potential risks. This includes distributing Summary Plan Descriptions (SPDs), Summary Annual Reports (SARs), and other disclosures to participants. ERISA includes provisions that protect employees’ rights to their accrued benefits. The law establishes rules for vesting, which determines when employees become entitled to receive their full pension benefits. Additionally, ERISA created the Pension Benefit Guaranty Corporation (PBGC), a federal agency that provides a safety net by insuring certain pension benefits in case of plan termination.

ERISA provides mechanisms for enforcing compliance and addressing fiduciary breaches or plan violations. The law grants authority to the Department of Labor (DOL) to oversee and enforce ERISA provisions. Participants and beneficiaries also have the right to bring lawsuits to enforce their benefits and seek remedies for fiduciary breaches or other violations of ERISA.

ERISA has had a profound impact on employee benefit plans and the retirement landscape in the United States. It has helped establish standards of conduct for fiduciaries, promote transparency in plan administration, and provide avenues for legal recourse in case of misconduct. ERISA has also facilitated the growth of retirement savings plans like 401(k) plans, providing individuals with tax advantages and investment opportunities to build their retirement nest eggs. The Employee Retirement Income Security Act (ERISA) serves as a crucial framework for regulating private-sector employee benefit plans, ensuring the protection of employees’ rights and interests. By establishing fiduciary responsibilities, reporting requirements, and benefit security measures, ERISA promotes transparency, accountability, and the long-term financial security of plan participants. Understanding the key provisions of ERISA is essential for both employers and employees to navigate the complex landscape of employee benefits effectively.

For more information on ERISA and how DRDA, LLC can help please click here.

Read more
  • Published in ROBS 401(k), Uncategorized
No Comments

Introducing expanded services and New Team Members!

Thursday, 08 June 2023 by DRDA LLC

By: Agustin Muniz

We wanted to take a moment to share some exciting news with you regarding our services and new team members. As part of our ongoing commitment to build sustainable value for your business and to secure a promising future for you, your family, and your employees, we have expanded our offerings to include not only tax planning and bookkeeping, but payroll, and employee benefits – all designed to meet your needs while saving you time and money. It is our pleasure to welcome Bryan Uecker and Carrie Wright as members of the team that will support you and your business.  

Bryan Uecker QPA, QPEC, AIF, AIFA

BORSA Manager & Retirement Plans

Bryan, a 30-year veteran of employee benefits, will be heading up BORSA and Retirement Plan design and compliance. With his expertise and experience, he brings a wealth of knowledge and a new perspective to our organization. As you know, the BORSA plan is a fantastic way to fund your business. But that is only the first stage!  Bryan will be working with you to maximize the value of your plan through additional tax savings and allocation strategies.  

*Click image to view profile

Carrie Wright EA

Tax Senior

Carrie is a seasoned tax practitioner and federally- credentialed Enrolled Agent tasked with finding the best result with your tax filings. She is at your service for any questions you may have regarding your business and saving taxes. She is eager to learn more about your organization and how we can support your growth and success.

*Click image to view profile

We genuinely appreciate your continued trust in DRDA, LLC as we strive to proactively improve your future, not just account for the past.  

If you would like to take a look at our payroll and bookkeeping services to see how it could streamline your business processes, please reach out for a quote (or click the button below).

Visit DRDA, LLC Payroll

Read more
  • Published in ROBS 401(k), Uncategorized
No Comments

Recent Posts

  • May Newsletter 2025

    Layout Designed and Published by Eva Jiang May ...
  • Do You Need a Formal Valuation for Your BORSA/ROBS Plan? Here’s What Business Owners Should Know

    By: Bryan Uecker, QPA, QPFC, AIF, AIFA Introduc...
  • April Newsletter 2025

    Layout Designed and Published by Eva Jiang DRDA...

Archives

  • May 2025
  • April 2025
  • March 2025
  • February 2025
  • January 2025
  • December 2024
  • November 2024
  • October 2024
  • September 2024
  • August 2024
  • July 2024
  • June 2024
  • May 2024
  • April 2024
  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • September 2021
  • August 2021
  • March 2021
  • January 2021
  • December 2020
  • October 2020
  • September 2020
  • July 2020
  • May 2020
  • April 2020
  • March 2020
  • May 2019
  • October 2018
  • August 2018

ABOUT US

DRDA, LLC is a proactive CPA firm offering guidance and support so you can achieve your business and financial goals.

CONTACT US

  • PRIVACY POLICY
  • CLIENT ACCESS

281-488-2022

Houston Office
1120 Bay Area Blvd.
Houston, TX 77058

office@kallyaslawyer.com

Subscribe to our Newsletter

#subscibe-to-our-newsletter

Subscribe to OUR Newsletter

ggi logo
DRDA, PLLC BBB Business Review
  • Home
  • Who We Are
  • Services
  • Business Solutions
    • DRDA, LLC Payroll
    • Retirement Plan Solutions
    • Employee Benefits
    • Health Care
    • HR Consulting Services
    • Corporate Transparency Act – Beneficial Owners Information Reporting
    • Employee Retention Credit
  • ERISA Bond
  • Join the Team
  • Client Access
    • Client Portal
    • DRDA Payment
  • Client Resources
    • FAQ
    • FAQ PORTAL
    • PORTAL HELP
    • MSO FAQ
    • YETP FAQ
  • Blog
    • Blog
    • Culture
  • Newsletter
    • Newsletter
    • Annual Tax Letter 2023

© 2023 DRDA, PLLC ALL RIGHTS RESERVED.

TOP
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
SettingsAccept
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are as essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT
Verified by MonsterInsights