Plan Document Services
Employers face an ever-increasing number of employee benefit compliance requirements. Ensuring benefit plan language is accurate and current is time-consuming, and non-compliance can lead to costly penalties.
Our plan document services provide employers with peace of mind that documents are regularly maintained and up-to-date. Our team stays current on relevant industry changes and utilizes the latest document management tools to keep you compliant.
Our plan document servicesinclude Wrap Documents, Premium Only plans, plan-specific documents, and discrimination testing.
Wrap Plan
A Wrap Plan document incorporates all group insurance policies and contracts into a single plan. Wrap Plans enhance legal compliance and simplify administration of an employer's health and welfare benefit plans, such as medical, dental, vision, and cafeteria plans.
Participants are informed of eligibility requirements, benefits, claims and appeal procedures, and rights under ERISA, while incorporating current insurance contracts, booklets, and certificates. A specimen plan document and Summary Plan Description (SPD) are provided, with annual revisions as legally required.
Premium Only Plan
A Premium Only Plan (POP) is an IRS-regulated, employer-sponsored benefit plan that allows employees to volutarily redirect a portion of their pay towards tax-free benefits, providing savings for both employers and employees.
The plan gives employees the opportunity to reduce their income taxes and increase their spendable income with little or no additional cost to the employer.
We provide a specimen POP plan document, summary plan description (SPD), and necessary forms for adoption of the plan by the plan sponsor. Annual discrimination testing and legally required plan document revisions are also included.