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ERISA (the federal Employee Retirement Income Security Act) requires employers who are plan administrators of their group health plans to maintain and distribute summary plan descriptions (SPDs) to plan participants. Wrap SPD is designed to wrap around existing certificates of insurance and benefit plan booklets to provide the information necessary to comply with ERISA's reporting and disclosure requirements. The Wrap SPD includes required ERISA provisions and recommended information to 'wrap' around the benefit summaries or booklets, insurance certificates and other relevant plan descriptions for each fully insured or self-funded plan option or component plan. The Wrap Plan Document is designed to meet plan documentation requirements under ERISA and other federal laws and to incorporate all other welfare plans, insurance contracts and other relevant documents into a single plan. These materials can be kept together for administrative ease. The Wrap Plan Document provides additional legal protection for the employer and plan fiduciaries and can simplify plan administration. - It's easy: simple, intuitive system for entering data to customize documents for each client
- It's affordable: 300 Wrap SPDs and 300 Wrap Plan Documents, only $1,800 a year for CBIZ clients (regular price is $2,400 a year)
- It's a new profit center: charge a service fee for each document and increase your income
- Will help keep clients compliant since most do not have SPDs or Plan Documents
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