ERISA Wrap Document
You do need to comply before it is too late! It is now more important than ever for employers of all sizes that sponsor group health and welfare benefits, to have a formal plan document (ERISA Section 402) and Summary Plan Description (“SPD”) (ERISA Section 102). To remain compliant, all employers must also issue various required notices to employees.
With your EZ ERISA Plan ERISA Wrap Document Subscription, you will receive:
- ERISA Compliant Wrap Document and Summary Plan Description in Unified Form to Comply with the ERISA Plan Document and SPD Requirements
- Notices Package
- Instructions and Electronic Mail Distribution Information
- Full Warranty – Industry Leading Warranty Including a Legal Services Warranty in the Event That You are Audited by the Government!
FAQs
Do I need an ERISA Wrap Document for my health and welfare benefits?
Yes! ERISA Requires a Plan Document for Every Plan!
The ERISA law is very clear, and it states that every employee benefit plan shall be established and maintained pursuant to a written instrument. Such instrument shall provide for one or more named fiduciaries who jointly or severally shall have authority to control and manage the operation and administration of the plan. (ERISA §402(a); 29 U.S.C. 1102(a))
And! A Summary Plan Description is also required and every employee benefit plan shall be furnished to participants and beneficiaries as provided in section 1024(b) of this title. The summary plan description shall include the information described in subsection (b), shall be written in a manner calculated to be understood by the average plan participant, and shall be sufficiently accurate and comprehensive to reasonably apprise such participants and beneficiaries of their rights and obligations under the plan. (ERISA §102; 29 U.S.C. §1022)
Don’t the Insurance Certificates of Coverage satisfy the ERISA Plan document and Summary Plan Description Requirements?
No! Insurance Documents Do Not Meet These Requirements. Insurance documents are not issued by the Employer or the Plan to the Participant, they are issued by the insurance carrier.
Insurance documents have no protection for the Employer, or potential internal plan fiduciaries. Insurance documents do not contain all required information and notices, including –
- No Eligibility and Termination
- No Employer EIN number
- No Agent for Service of Process
- No Fiduciary identification
- And more!
What if I do not have the required Wrap Documents?
- You will fail to have the appropriate eligibility and fiduciary rules and your plan will not operate properly if challenged
DOL Can Require It – Penalty (up to $110/day, plus notice penalties)
Participants Can Request It – Penalty (up to $110/day, plus notice penalties) - Their Lawyers Can Request It – Penalty, or Liability for Subrogation Amounts (Subrogation amounts $$$$$, and $110/day)
- Affects the Business Compliance and Enterprise Value (Why risk it?)
Will the new Administration’s change these rules?
No! Regardless of the status of the Affordable Care Act, the ERISA plan document and Summary Plan Description requirements will not be affected. They remain. Get ready to address the changes by having the proper documentation in place now!
Why use EZ ERISAPlan?
Documentation is often TOO EXPENSIVE, often has NO REAL WARRANTY, MISSES Eligibility, Fiduciary Protection and more!
Other Documentation often requires you to fill out FORM after FORM
EZ ERISAPlan is Easy to Use!
It is a Convenient and Safe Step-by-Step Process!
Has an Industry Leading Warranty!
Ways to Subscribe
