ERISA (The Employee Retirement Income Security Act of 1974 is a federal law that sets minimum standards for most voluntarily established pension and health plans in private industry to provide protection for individuals in these plans) requires plan administrators to maintain and distribute SPDs (Summary Plan Description) to plan participants. Plan Documents are required to be in compliance and require documentation outside of basic-plan summaries and summaries of Benefits and Coverage.
71% of brokers say clients do not have an SPD.
- Failure to provide an SPD or ‘Plan Document’ within 30 days of receiving a request results in a penalty of $110 per day per participant
- Could be subject to audits by the Department of Labor
The Benefits of WrapDoc360:
- Easy and intuitive system that generates Wrap SPDs and Wrap ‘Plan Documents’ for our clients
- Maintains client data safely and securely
- Emails us updates when Wrap SPDs and Wrap ‘Plan Document’ templates are updated to reflect any changes to the law; always up-to-date
- Additional Benefits:
- A ‘Summary of Material Modification’ template
- An SBC or a ‘Summary of Benefits and Coverage’ template
- SPD distribution guidelines will generate every time you create a set of documents so employers will understand how to distribute the Wrap SPDs
- Special downloadable benefit notices to further support our clients.
- Fields will conveniently auto-populate when entering the same plan information