Chances are the information you receive from your group health and welfare plan provider doesn’t include all the language required for company filings under the Employee Retirement Income Security Act (ERISA). It’s up to you to ensure that you have the proper “wrap” documents to meet the Form 5500 requirements. Otherwise, you could be liable for penalties of up to $1,100 per day per benefit plan option.
Employers have countless questions about wrap documents, such as:
- What is a wrap document, anyway?
- How can a wrap document be used?
- And, what must the wrap document include?
You’ll learn the ins and outs of how to ensure that your company is properly using wrap documents to meet Form 5500 filing requirements under ERISA.
Plus, you’ll learn:
- The benefits of using a wrap document, including the penalties it could help you avoid for ERISA, IRS, and COBRA noncompliance
- How the Affordable Care Act changed the regulatory landscape with respect to summary plan descriptions (SPDs) — and why it matters
- The types of organizations most likely to use wrap documents
- Essential information that the wrap document should include — and who should receive it
- Proper uses of the wrap document
- Best practices for satisfying ERISA SPD and other disclosure requirements
- COBRA issues that should be considered when using a wrap document
- A sample of a completed wrap document that meets the legal mark, so you’ll have a clear understanding of the do’s and don’ts for drafting your company’s wrap document
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