BASE® ERISA Wrap
Overview
BASE® ERISA Wrap is designed to help employers fulfill the ERISA requirements for an SPD and Plan Document. Many employers mistakenly assume that insurance contracts, certificates of insurance and benefits summaries fulfill the ERISA requirements for an SPD and Plan Document – but they don't include the required or recommended provisions that protect the plan and the employer from $110 per-day, per-employee penalty.
BASE® ERISA Wrap has been developed together with a major ERISA law firm that makes it easy and economical to comply with federal requirements.
BASE® will provide you with a Wrap SPD and Wrap Plan Document which are designed to wrap around existing certificates of insurance and benefit plan booklets to provide the required provisions and information necessary to comply with ERISA. To be compliant, the Wrap SPD and accompanying benefit plan component documents must be distributed to plan participants.
Benefits
- Distribution guidelines that explain how and when to provide these compliance documents to your plan participants.
- The ability to keep your documents current and updated should the federal government issue new amendments or if plan information needs to be changed.
- Outside of preparing and creating customized Plan Documents and Summary Plan Descriptions, BASE® also provides an ERISA & ACA Compliance Service Package. BASE® also includes all required salary reduction information when applicable in the form of a Premium Only Plan.