PLEASANTON, Calif. –September 13, 2016 — ThinkHR, the leading integrated HR knowledge solutions company for small businesses, today announced the launch of the ThinkHR Benefits Compliance Suite, a comprehensive solution to help brokers and their clients generate fully compliant Wrap and summary plan descriptions and conduct nondiscrimination tests on their plans. The solution leverages a state-of-the-art “wizard” approach with the human interaction of expert HR advisors that users have grown to expect from ThinkHR. The combination of innovative technology and unlimited on-demand support takes the guesswork and anxiety out of creating compliance documents for businesses.
Employers today are increasingly at risk of falling under the Department of Labor’s (DOL) scrutiny for compliance with the Employee Retirement Income Security Act (ERISA) and the Affordable Care Act (ACA), and the penalties for noncompliance can be steep. ThinkHR’s Benefits Compliance Suite ensures that employers are ready for DOL audits with compliant benefit documentation. In fact, the Benefits Compliance Suite stores documents for seven years, providing easily accessible proof of documentation should an employer be audited.
Employers of all sizes are feeling the strain of additional compliance reporting and documentation, and for businesses without in-house human resource department and benefits compliance expertise the concern is more severe. Most employers typically are not set up to create the required documents without assistance, yet are still held legally and financially responsible when found out of compliance. As a result, they often turn to ERISA attorneys and expensive outside consultants to help solve the problem. ThinkHR is uniquely positioned to provide support to employers through its established team of live HR advisors, who have resolved nearly a quarter million HR issues in the past four years. The HR advisors are available to help employers when they need it—often in one phone call—and offer a level of experience and expertise employers have come to rely on.
“Businesses are struggling to stay compliant and often look to their benefits insurance broker for help,” said Pete Yozzo, founder and CEO, ThinkHR. “With the Benefits Compliance Suite, we saw an opportunity to provide a better solution than what is currently available with other technology-only offerings. By incorporating our expert HR advisors into the solution, we’ve developed a more complete offering and an amazing customer experience. Brokers and clients will receive personal, knowledgeable support when they need it. We don’t get back to you in 24 hours or send a canned email. We answer the phone when you call and provide a level of expertise that’s unmatched.”
ThinkHR’s Benefits Compliance Suite offers a robust set of features, including:
- Expert support: ThinkHR advisors and support teams are available to answer questions and guide users through the document creation process.
- Client-level access: Brokers can allow clients to create their own documents or create them on their behalf.
- Centralized document storage: Unlike most other offerings, the Benefits Compliance Suite provides one centralized location for creating and storing client documents. Documents are stored for up to seven years and are automatically restated when new legislation is presented.
- Ease of use: The “wizard” interface creates documents within minutes and includes online help videos for users to refer to as they run through the process of creating documents.
- E-signature: A broker’s clients can review and electronically sign their documents providing verification of acceptance. E-signature automatically renders on mobile devices.
- Nondiscrimination testing: These tests check the plan’s eligibility, benefits and contributions for discrimination in favor of key or highly compensated employees.