What are the requirements for employee benefit plans?
In Hawaii, employers must meet certain requirements to establish an employee benefit plan. The requirements vary depending on the type of plan and the number of employees it covers. For plans involving two or more employers, the Hawaii Employer-Union Health Benefits Trust Fund (EUTF) must be the plan administrator. The EUTF is managed by a board of trustees composed of individuals appointed by the Governor, the employers, and the representatives of the employees. Employers must purchase insurance from one of several approved insurers and pay their share of premiums based on the number of covered employees. For plans involving only one employer, the employer must obtain a certificate of approval from the Hawaii Department of Labor & Industrial Relations. The Department will assess the plan’s features and ensure that it meets certain requirements, including providing benefits and services of equal value to all qualified employees, adequately funding the plan, and providing proper notice to employees. In both cases, employers must file annual reports with the Department and provide a summary plan description to all covered employees. Employers must also abide by applicable federal and state laws, including laws related to nondiscrimination, minimum vesting periods, and other matters. Overall, employers must meet these requirements to establish an employee benefit plan in Hawaii. An attorney with experience in business law can help employers comply with the relevant regulations.
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