WrapSmart (ERISA Wrap Doc)
At the heart of our EZERISA ComplySmart Services Suite, the EZERISA WrapSmart is the industry’s leading ERISA Compliance document solution with our exclusive EZERISA AdviceSmart Compliance Intelligence Technology built into its self-guided document creation system. AdviceSmart Compliance Guidance better protects clients because we incorporate our knowledge, our experience and capability in regard to the applicable rules under ERISA, HIPAA, and the ACA, as well as our knowledge of the insurance industry and the needs of our Partners to provide an easy, accurate and simple-to-use interface. These are all built into the EZERISA WrapSmart product experience.
Why do I need a smarter ERISA Wrap? It is now more important than ever for Employer sponsors of Group Health and Welfare plans, to have a formal Plan Document (ERISA Section 402) and Summary Plan Description (“SPD”) (ERISA Section 102), as required by law. To remain compliant, all Employer sponsors must also issue various required Notices to employees and the EZERISA WrapSmart product subscription provides these as well. Our EZERISA WrapSmart product subscription covers all of these bases. With it you will receive:
- ERISA Compliant Wrap Document and Summary Plan Description in Unified Form to Comply with the ERISA Plan Document and SPD Requirements
- WrapSmart Portal Technology that intelligently guides you through the document-building process and steers you past common compliance mistakes.
- EZERISA AdviceSmart Compliance Intelligence Technology
- ERISA Required Employee Notices Package
- ERISA Instructions for Electronic Mail Distribution and related information
- Summary of Material Modifications Cover Page and Instructions
Full Warranty – Subscribers have the advantage of our Industry Leading Warranty that includes a Legal Services Warranty in the Event That You are Audited by the Government!
FAQs - WrapSmart Documents
Do I need an ERISA Wrap Document for my health and welfare benefits?
Yes! ERISA Requires a Plan Document and a Summary Plan Description for Every Benefit Plan!
The ERISA law is very clear, and it states that every employee benefit plan shall be established and maintained pursuant to a written instrument. Such instrument shall provide for one or more named fiduciaries who jointly or severally shall have authority to control and manage the operation and administration of the plan. The Plan Document is actually the contract underlying the benefit plan. (ERISA Section 402(a))
A Summary Plan Description is also required, and every employee benefit plan must furnish to participants and beneficiaries a Summary Plan Description that meets the requirements of ERISA Section 102. The Summary Plan Description has to include certain detailed information as required by ERISA regulations issued at 29 C.F.R. Section 2520.102-3 and it has to be written in a manner calculated to be understood by the average plan participant, and has to be sufficiently accurate and comprehensive to reasonably apprise such participants and beneficiaries of their rights and obligations under the plan.
Don’t the Insurance Certificates of Coverage satisfy the ERISA Plan Document and Summary Plan Description Requirements?
No! Insurance documents do not meet these requirements. Insurance documents are not issued by the Employer or the Plan to the Participant, they are issued by the insurance carrier.
Insurance documents have no protection for the Employer, or potential internal plan fiduciaries. Insurance documents do not contain all required information and notices, including –
- No Eligibility and Termination of Eligibility terms
- No Employer EIN number
- No Agent for Service of Process
- No Fiduciary identification
- And more!
What if I do not have the required Wrap Documents?
- Your business will fail to have the appropriate eligibility and fiduciary rules and your plan will not operate properly if challenged
- DOL Can Require It – Penalty (up to $110/day, plus notice penalties)
- Participants Can Request It – Penalty (up to $110/day, plus notice penalties)
- Their Lawyers Can Request It – Penalty, or Liability for Subrogation Amounts (Subrogation amounts $$$$$, and $110/day)
- Affects the Business Compliance and Enterprise Value (Why risk it?)
Why use EZ ERISAPlan?
Documentation is often TOO EXPENSIVE, often has NO REAL WARRANTY, MISSES Eligibility, Fiduciary Protection and more!
Other Documentation often requires you to fill out FORM after FORM
EZ ERISAPlan is Easy to Use!
It is a Convenient and Safe Step-by-Step Process!
Has an Industry Leading Warranty!
Ways to Subscribe
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