Your clients may be liable for serious financial and/or criminal penalties if they:
- Fail to create a Summary Plan Description (SPD), which could trigger a plan audit by the U.S. Department of Labor (DOL)
- Neglect to file the Summary Annual Report (SAR) Form 5500 to the IRS
- Fail to provide an SPD to their employees
- Fail to have documentation in order which protects against disgruntled employees if issues regarding coverage arise
We can help you improve your clients’ ERISA compliance:
- Simplify their administration by giving them the ability to create ERISA wrap plan documents, including Summary Plan Description (SPD), distribution practices, and compliance support
- Ensure their plan, fund, or program can pass the four elements of the ERISA coverage test
- Protect benefits with a wrap plan that bundles all of their health and welfare plans into a single plan that can be submitted to the IRS with Form 5500, while incorporating insurance company materials or certificates for reference
Help your clients avoid fines, penalties, and lawsuits – and position yourself as the benefits pro your clients want.
Contact a Word & Brown representative today at 800-869-6989 to learn more.
