The ACA added to the already overwhelming amount of mandatory notices and documents required for employers to remain compliant. The Employee Retirement Income Security Act (ERISA) is no exception to this trend, presenting further challenges to employers in remaining compliant with federal and state laws.
- Summary Plan Descriptions (SPD) are required for all group welfare benefits with one or more participants
- SPD supplements or “wrap” documents provided by insurers and third-party administrators usually do not fulfill ERISA requirements
- SPDs include all the required ERISA plan documents, provisions, and language to ensure compliance
- A “Mega-Wrap” SPD wraps two or more ERISA group welfare benefits into one set of plan documents
To ensure your company is compliant with all ERISA regulations, request a proposal today!