ERISA Wrap Documents

Our ERISA wrap document service ensures that your participants understand their benefit plans and helps you maintain compliance with ERISA laws.

What ERISA requires

The Employee Retirement Income Security Act of 1974 is a federal law that sets minimum standards for many voluntarily established health plans and established pension plans. The law is designed to protect individuals covered under these plans.

To maintain compliance with ERISA requirements, employers must regularly provide documents to those enrolled under these plans. As the Department of Labor has stated, “Some plan sponsors use a ‘wrap’ document to incorporate various benefits and insurance policies into one comprehensive plan.” That is where BeneSkill comes in.

The gap most employers do not know they have

Carrier booklets and certificates of coverage are not Summary Plan Descriptions. They do not contain the ERISA-required language, and an employer relying on them alone is technically out of compliance even with a well-run plan. A wrap document closes that gap by incorporating each policy into a single compliant plan document.

Basic package

• Plan document
• Summary Plan Description
• Board of Directors adoption resolution
• Required updates throughout the year

Premium package

Everything in the Basic package, plus templates and instructions for the 13 employer-required notices, including:

• Special Enrollment Rights
• CHIPRA
• WHCRA
• Notice of Privacy Practices
• Patient Protection Notice
• Medicare Part D — and more