Archive by tag: Summary Plan DescriptionReturn
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When it comes to ERISA compliance, employers and brokers frequently ask us: who is responsible for creating documents and SPDs, how is a wrap plan used to satisfy ERISA compliance, and what information must be provided to employees and when. To help navigate some of the more common myths and misconceptions surrounding when employers must have plan documents and SPDs for benefits they sponsor we have provided the following responses to some of the more frequently asked questions.
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Categories: Benefits in General, Compliance | Tags: ERISA , DOL , Wrap Plans , SPD , Summary Plan Description , Plan documents , 5500 , Compliance Services

Summary Plan Description: Paper or Electronic?

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Department of Labor (DOL) regulations describe when an employer can distribute benefit information including the Summary Plan Description (SPD), Summary of Annual Report (SAR), Summary of Benefits and Coverage (SBC), and other required benefit notices (i.e. Medicare Part D, Women’s Heath and Cancer Rights Act, Privacy Notices, etc.) electronically to plan participants.
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Categories: Benefits in General, Compliance | Tags: SPD , DOL , Summary Plan Description , Department of Labor , Electronic Distribution , Safe Harbor , Thomas v. CIGNA Group Ins , SAR , SBC , Employee Notices

ERISA Compliance: Wrap Plans and SPD Requirements

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ERISA, which is short for the Employee Retirement Income Security Act, is a set of federal laws designed to protect employees of private employers who provide pension, retirement, or profit-sharing plans; and private employers who provide insurance coverage. Wrap plans are a function of complying with ERISA’s plan document and summary plan description (SPD) requirements. Remember: Wrap plans are an easy way to create the companion ERISA language to the insurance certificates so that when dist...
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Categories: Benefits in General, Compliance | Tags: ERISA , DOL , Wrap Plans , SPD , Summary Plan Description , Plan documents , 5500 , Compliance Services
The recent Mull v. Motion Picture Industry Health Plan case (No. 15-56246 (9th Cir. August 1, 2017) illustrates the importance of complying with ERISA’s Plan Document and Summary Plan Description (SPD) requirements.
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Categories: Benefits in General, Compliance | Tags: ERISA , DOL , Wrap , Plan Document , SPD , Summary Plan Description , Mull v. Motion Picture Ind. Health Plan