The Employee Retirement Income Security Act (ERISA) requires that employers who offer welfare benefit plans to maintain a written plan document and summary plan description for each plan. These documents are a crucial part of any benefit program offered by employer groups as they communicate the plan benefits and how each plan operates. If an employer only provides a health plan and allows the employees to pretax the premiums, the employer is required to have a written Section 125 Premium Only Plan. Other employers may offer several benefits including an FSA and/or an HRA. Both of these plans require a written plan document and summary plan description. ERISA also requires that all private sector employers, regardless of size, to provide a summary plan description or “wrap document” to employees that encompasses all benefits being offered.
At 3to99 we have done the work and developed the systems to ensure that you have all of the compliance documents you are required to have at prices you can fit into your budget no matter how small your business. If you need more information about compliance requirements or if you are ready to move ahead with preparing your documents, click on the Free Consultation link below and we will arrange a time to connect with you and discuss your needs.