If you are like most employers, staying current with the ever changing legal and regulatory landscape of ERISA would be considered cumbersome at best. While some have gone the way of the Ostrich, burring their heads in the sand and hoping the Department of Labor never comes knocking, others have decided to face these challenges head on believing an ounce of prevention is worth a pound of cure.
Assuming you have sent the Ostrich back to petting zoo, now is the perfect time to dust off those old ERISA documents (Do you remember what stack they are in?) and let the chips fall where they may. Unfortunately, no good deed goes unpunished, and if you provide insurance benefits to your employees, the requirements under ERISA become slightly more complicated.
A quick Google search of “Health and Ware Plan ERISA Requirements” will quickly (.28 seconds on my search) yield the following acronyms.
• SPD (Summary Plan Description)
• WRAP Document
• SMM (Summary of Material Modification)
Are you nervous, scared, and thinking of buying another Ostrich? Contrary to popular belief, neither the ERISA fairy, nor your insurance carrier is going to take on these responsibilities for you. The good news is creating these documents, and becoming compliant with this section of ERISA is relatively simple when you have the right team on your bench.
In light of recent legal changes, now is the perfect time to place these items at the top of your to do list. Should you have any questions or concerns, please feel free to give me a call.