Built with Leading ERISA Law Experts
You and your clients can rest assured that the Wrap SPD and Wrap Plan Document templates generated will be ERISA compliant.
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Are Your Clients Exposed Because They Lack Required Plan Documentation?
The federal Employee Retirement Income Security Act (ERISA) mandates that employers/plan administrators provide an SPD to each participant and that ERISA-covered plans be maintained in accordance with a written Plan Document.
Unfortunately, most employers are not in compliance with either the SPD or Plan Document requirements. Why? Many companies mistakenly assume that insurance contracts, certificates of insurance and benefits 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, the employer and plan fiduciaries.
This leaves the employer—your client—exposed to become the next candidate for a Department of Labor audit. And when that happens, their first phone call will be to you!