Tag: SPD

The Rap on Wraps

There’s a good chance you use a wrap document to help satisfy your Employee Retirement Income Security Act (ERISA) summary plan description (SPD) obligations. Yet if you look for a definition of wrap document in ERISA statutes or regulations, you will not find one. The wrap is not a defined term or required document; it…

Summary plan descriptions (SPDs) are required for all retirement, health, and welfare plans subject to the Employee Retirement Income Security Act of 1974 (ERISA). However, misconceptions about this requirement are widespread. ERISA attorney Stacy H. Barrow, partner with Marathas Barrow Weatherhead Lent LLP, had a chat with ThinkHR about the importance of having proper ERISA…

Question:  Is a Summary Plan Description (SPD) the same as a Certificate of Coverage (CoC) on a fully-insured plan? If yes, does the CoC fulfill federal mandates? If no, what does the client need to do to fulfill the federal mandate? Answer: The Employee Retirement Income Security Act (ERISA) governs employee benefit plans sponsored by private-sector…

Question: We have a client that will be closing next year. They administer their own COBRA and are concerned about notification requirements to current participants, among other things. Can you let us know what rules there are surrounding plan closings for plans with less than 100 participants? Answer: We encourage your client to consult with…