Introducing Our Newest Solution – ERISA eSolutions – 100% Online Tools to Make Compliance Simple and Fast!
ERISA eSolutions is an all-in-one service that provides a web-based Summary Plan Description (SPD) Wrap service that allows clients and their broker to create, store easily, and update summary plan description documents, as needed. With the SPD Wrap, it creates one document and overall SPD required for all health and welfare benefits such as medical, dental, life, disability, FSA, etc.
Although insurance providers may provide some information required for compliance, it is a common mistake for employers to think that the summary insurance information they receive from their insurance provider meets their summary.
Important SPD Legal Information:
“If you are sued [under ERISA], the first thing an attorney will do is see if your SPD follows ERISA guidelines,” says Jonathan Edelheit, vice president of United Group Programs, a third-party administrator (TPA) based in Boca Raton, Fla. With such high stakes, it’s important to work with your TPA to write, review and distribute your SPD correctly, and with your plan administrator to create a clear and comprehensive document, and to have the document reviewed by an attorney familiar with ERISA law, even if your TPA has a general counsel. Creating a clear SPD starts with investing in a process designed to pre-empt problems and protect an employer from expensive litigation in the future.