Many employers mistakenly assume that their insurance contracts, certificates, and benefit summaries fulfill the ERISA requirements for an SPD and Plan Document – BUT they don’t include the required or recommended provisions that protect the plan and the employer.
Benefit Coordinators, Inc. can provide your company with a Wrap Summary Plan Description (SPD) and Wrap Plan Document. These documents are designed to wrap around existing certificates of insurance and benefit plan booklets to provide the required provisions and information necessary to comply with ERISA.
Typically, the cost to develop a SPD and Plan Document can be very expensive, but we have solved this problem with a sophisticated system developed together with a major ERISA law firm that makes it easy and economical to comply with federal requirements.
Penalties for non-compliance can add up quickly! Contact Benefit Coordinators for more information!