Plan Documents: ERISA, Section 125, SPDs, and Wraps: Oh My!
Duration: 90 Minutes
Under the Employee Retirement Income Security Act of 1974 (ERISA), group health plans must be in writing. However, the plan may be composed of several documents - such as an insurance company's contract, a certificate of coverage, or a summary of benefits. However, these are not your legal ERISA plan documents. If you do not have an ERISA plan document and summary plan description, often called your wrap documents, your plan is out of compliance. Further, to have your employees' health plan premiums be deducted on a pre-tax basis, you must have a Section 125 plan (or a cafeteria plan) in place. This plan is separate from your ERISA plan documents.
With these document requirements comes rules and compliance. The webinar will help you to understand the rules about which documents are required, and how to keep your documents complaint.
Objectives of the Presentation
Why Should you Attend
- What plan documents are required by ERISA?
- How are these documents different than the documents I receive from my provider?
- What are the requirements for these documents?
- What is the difference between the ERISA documents and the Section 125 Plan?
- Does ERISA apply to the Section 125 Plan?
- What are the risks or penalties for noncompliance?
Compliance with plan documents is one of the top errors that both the Department of Labor and the Internal Revenue Service audit. Failure to amend plans timely, failure to properly distribute notices, and failure to follow the plan documents are all top compliance failures. Additionally, the rules are often not as well understood with health plans as they may be with retirement plans. This webinar will break down the plan document rules, so that plan sponsors, and those working with plan sponsors, will be able to work proactively and mitigate risk and compliance issues with respect to health plans.
Who will Benefit
- Who is responsible for adopting, drafting, or amending these documents?
- What are the distribution requirements for these documents?
- What if I make a mistake in these documents? Is there a process for correction?
- Do any of these documents affect filing requirements? Such as Form 5500s?
- Are there any additional documents that I should be aware of?
- What are the best practices that I should know?
- Human Resource Managers, Executives
- In-House Counsel
- Employee Benefits Advisors
- Health Plan Advisors / Brokers