Towne Benefits can assist in the preparation of your administrative documents.
Annual Regulatory Required Documents for Employers
IRS Form 5500
Applicable to Groups with 100+ Employees
ERISA Form 5500 was created for the purpose of ensuring that employee benefits plans are operated and managed in accordance with prescribed standards. In addition, the form ensures that participants and beneficiaries, as well as regulators, are provided or have access to sufficient information to protect the rights and benefits of participants and beneficiaries under the covered employee benefits plans. All qualified health and welfare plans covering more than 100 participants are subject to filing Form 5500, which must be done electronically.
Adjacent to Form 5500, a Summary Annual Report (SAR) must be distributed to plan participants each year.
Towne Benefits can prepare and file your 5500 forms and prepare the annual Summary Annual Report for your employees.
ERISA Wrap Documents
Applicable to All Size Groups
One of the most important documents participants are entitled to receive automatically when participating in an ERISA-covered health benefit plan or a beneficiary receiving benefits under such a plan is a summary of the plan, called the Summary Plan Description (SPD). The SPD is an important document that tells participants what the plan provides and how it operates and plan administrators are legally obligated to provide it. It provides information on when an employee can begin to participate in the plan and how to file claims for benefits.
The law also requires that:
- Employee welfare benefit plans, such as group health plans, dental plans, and health flexible spending accounts (FSAs), must be in writing, and
- Every employee welfare benefit plan must be described in an accurate and comprehensive SPD that is provided annually to all employees eligible to participate in the plan.
While larger companies may have the resources and expertise to comply, smaller companies may be stymied by the many requirements. A relatively simple solution to this challenge is something called a Wrap Document.
A Wrap Document “wraps” around the insurance policy and plan documents. The benefits under the plan continue to be governed by the insurance policy and plan materials, while the wrap document augments with information necessary to comply with ERISA. In effect, the wrap document fills in any “gaps” left by insurance carriers and third-party administrators.
The team at Towne Benefits can prepare the Wrap Document for your company and plan participants.