HR is involved in all areas of employment, from hiring to terminations, and there are compliance concerns in each of those areas. Our main focus is to provide compliance information, consulting and educational opportunities for all levels of HR professionals. Education truly is the key to compliance!
ERISA – Employee Retirement Income Security Act
Although many employers think ERISA only applies to their retirement benefits, most employer sponsored group health plans (and ancillary benefits) are governed by ERISA as well. Your health & welfare plans have specific rules and regulations that you as a Plan Sponsor must comply with.
As a plan sponsor, you are required to have a Plan Document that is available for all employees to review if requested. You are also required to distribute a Summary Plan Description (SPD) within 90 days of a participant becoming active on your health plans. If there is a material change in your plan information you may be required to produce a Summary of Material Modifications (SMM), and if you have more than 100 participants active on your plan, you are required to file 5500 forms, and produce a Summary Annual Report (SAR).
We can help! Hickok & Boardman HR Intelligence can provide you with a Wrap Plan Document and a Wrap SPD which 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. To be compliant, the Wrap SPD and accompanying benefit plan component documents must be distributed to plan participants. Our document compliance solution includes the following benefits:
- Customized Wrap SPD and Wrap Plan Document that provide the required ERISA provisions and information that will help you achieve compliance.
- Distribution guidelines that explain how and when to provide these compliance documents to your plan participants.
- For more information on a Wrap Plan Document, please click here
Be advised that Hickok & Boardman HR Intelligence is not providing legal advice. We recommend you have these documents reviewed by benefits counsel prior to distribution.