Watkins Ross is pleased to announce a new service to our clients. We are now able to offer the ERISA Wrap Summary Plan Description (SPD) for a fee of $300.00. ERISA requires group health plans to have a written SPD document in place and to provide this SPD to plan participants upon enrollment in the plan. The Wrap SPD is a relatively simple document that “wraps” around your insurance policy, coverage certificate or plan booklet (i.e. group health plans, dental and vision plans, group term life, etc.). The benefits under the plan continue to be governed by your insurance policy, coverage certificate or plan booklet, while the wrap document supplements with the information necessary to comply with ERISA. Basically, the wrap document fills the gaps left by insurance carriers and third-party administrators. The Department of Labor describes the wrap SPD as the “primary vehicle for informing participants and beneficiaries about their rights and benefits” and you, as the employer, are legally obligated to provide each participant with a copy of the SPD.
If you have any questions, or would like our assistance in preparing your ERISA Wrap SPD, please contact Jill Northup, Document Coordinator, at email@example.com.