NMU's Compliance Database - Northern Michigan University
Employee Retirement Income Security Act of 1974 (ERISA)
| Reviewed By | Internal Auditor Owner |
| URL: | https://www.dol.gov/general/topic/retirement/erisa |
| Regulation Reference Cite | 29 U.S.C. §§ 1001-1461: 29 C.F.R. § 2560 |
| Report Due Date (Actual) | Refer to description |
| Level | VNA - Verified Not Applicable |
| Oversight Unit | HUMAN RESOURCES |
| Person Responsible | Heather Haupt |
| Secondary Person Responsible | Kimberly Hegmegee |
| President / VP Level | Finance |
| Description |
NMU is not subject to ERISA. However, it is considered a resource for best practices. The investment oversight committee regularly references ERISA. General: If it were applicable, the administrator of the Universitys employee benefit plan would file IRS Form 5500 by the last day of the seventh month after the plan year ends (July 31 for a calendar-year plan). ERISA sets minimum standards for participation, vesting, benefit accrual and funding pension plans. Requires employers to regularly provide participants with information about the plan including information about plan features and funding. Requires accountability of plan fiduciaries and gives participants the right to sue for benefits and breaches of fiduciary duty. |
| Contacts and Data Sources |
| Heather Haupt - Human Resources |
| Internal Notes |
| This compliance item has notes that are available internally to the oversight unit. Please contact the Risk Management Department for more information |