The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that exists to set minimum standards for many voluntarily established health plans and established pension plans. The law is designed to protect individuals covered under these plans.
In order to maintain compliance with ERISA requirements, employers must regularly provide documents to those enrolled under these plans. The Department of Labor stated, "Some plan sponsors use a ‘wrap’ document to incorporate various benefits and insurance policies into one comprehensive plan." This is where isolved Benefit Services can help.
At isolved Benefit Services, we offer ERISA Wrap Documents to help your organization maintain compliance with these complex and changing laws. Health FSAs, medical insurance, dental insurance, vision insurance, and health reimbursement arrangements are all examples of ERISA benefits that require documentation to ensure compliance with the laws. ERISA laws require that benefits must include written documents and summary plan descriptions that are provided to participants. We will handle the creation of these documents on your behalf.