From the Compliance Officer: Plan Document Amendment Survey

August 31, 2020

The year 2020 has thrown us all more than a few curve balls and surprises. The health benefits industry has not been immune, with many COVID-related legislative changes passed over the last five months impacting benefits. Some changes to benefit plans are now mandatory, while others are optional and leave it up to the plan sponsor to decide what works best for their group.

Chard Snyder continues to focus on compliance as a core tenet of the value we offer to our clients and advisor partners. To keep administration of FSA, DCA, and other pre-tax benefits compliant with recent legislation, Chard Snyder will conduct a survey of our Savings & Spending account clients to clarify what benefit plan revisions are mandatory and collect client preferences regarding optional changes. Upon return of the survey, we will be happy to process plan updates and facilitate participant communication with client guidance and input.

Here’s what Chard Snyder Savings & Spending Account clients can expect:

• Look for the survey to arrive this fall, sometime between mid-September and mid-October. The survey will be sent to a designated employer contact Chard Snyder has on file. 
• Kindly fill out the survey and provide input on any changes your company intends to make for the 2019 and 2020 plan benefit years for participating employees. 
• Return the survey promptly to your Chard Snyder Client Relationship Manager, who will be happy to assist you with any questions.
• Plan to sign a revised plan document amendment in early 2021.

Chard Snyder is here to support you in the compliant administration of your health benefits. Here’s to a more predictable and prosperous 2021!