The Employee Retirement Income Security Act (ERISA) requires welfare benefit plans to have a plan document and a Summary Plan Description (SPD). The insurance certificate or benefit booklet provided by an insurance carrier does not satisfy ERISA’s requirements for a plan document and SPD. An employer may use a wrap document, along with the insurance carrier’s certificate or benefit booklet to satisfy ERISA’s requirements. The attached Zywave Compliance Overview explains how an employer may use a wrap document to satisfy ERISA’s plan document and SPD requirements.
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