Summary Plan Description Wraps
SPD and Wrap Requirements
In accordance with the Employee Retirement Income and Security Act of 1974 (ERISA), all employers must have a written Summary Plan Description (SPD) for each separate welfare benefit plan (e.g., medical, dental, 125 plan, life, disability, etc.), informing participants of eligibility requirements, benefits, claims and appeals procedures, and rights under ERISA.
Although insurance providers may provide some information required for SPD compliance, it is a common mistake by employers to think that the summary insurance information they receive from their insurance provider meets their SPD requirements. A common approach is to combine all SPDs into one overall SPD Wrap notice, tying in the required ERISA language and simplifying the SPD notice process. Use ERISA Solutions to create and manage your SPD Wrap making sure you pass ERISA Audits.
Service includes Summary Material Modifications (SMM) anytime you need to create this notice related to material changes to any of your health and welfare benefit plans.
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