FAQs: Plan Document Services

  • Are employers required to have plan documents?

    Benefits that are subject to ERISA are required to establish and maintain a written document to set forth the plan's terms and conditions.

  • What are Chard Snyder document only services?

    Chard Snyder Plan Document Services gives you the comfort of knowing your plan documents are revised and maintained to make certain you are in compliance at all times.

  • What is a plan document?

    A Plan Document is a written document that sets forth a plan's terms and conditions.

  • What is a SPD?

    A Summary Plan Description (SPD), is a summary of an Employee Benefit Plan's terms that must be furnished to covered employees and other individuals.

  • What is a Premium Only Plan?

    A premium only plan (POP) is an IRS regulated, employer-sponsored benefits plan that allows employees to voluntarily redirect a portion of their compensation towards tax-free benefits.

  • How does a POP work?

    Premium Only Plans are self-administered by the employer. The employer adds a section 125 premium only deduction code to their list of payroll deduction codes. The employer keeps good records of employees that are participating in the plan, and keeps a set of plan documents.

  • What is a Wrap Plan?

    A wrap plan is a document that bundles an employer's health and welfare plans into a single plan, while incorporating and supplementing insurance contracts, booklets and certificates and providing necessary ERISA information.