ERISAExpress- Wrap Document

ERISAExpress- Wrap Documents Made Easy!

OCA launches its ERISAExpress Wrap Document solution to help simplify  wrap documents needs for groups of all sizes! ERISAExpress provides fully customized and compliant Wrap documents hassle free.

Key Features

• Cloud-based ERISA Wrap Document Builder
• Customized and fully ensured documents
• Documents are automatically updated with regulatory changes
• Extremely Competitive Pricing
• Guaranteed Compliance

The Value of Wrap Documents

Most “health and welfare” benefit plans must comply with specific requirements set forth by ERISA. The issue is that most fully insured policies comply with ONLY SOME of those requirements. This puts employers at risk for noncompliance and potential fines and penalties. Failure to meet ERISA’s requirements can result in significant penalties imposed by the DOL. Fines up to $152 per day!

How to Be Compliant

The solution is the Wrap document! The Wrap Document is a shortened plan document and/or summary plan description that incorporates all required language to meet the ERISA guidelines.

Cost Effective & Guaranteed Compliance!

Our ERISAExpress Wrap Document solution uses a combination of plan-specific information and plan types to deliver custom-tailored, guaranteed-compliant documents.

ERISA requires group health plans to have a written plan document in place, and provide a summary plan description (SPD) to plan participants upon enrollment in the plan, among other times. The written plan document is the instrument by which the plan administrator must operate the plan. The SPD is the instrument by which the plan notifies the participants of the plan’s terms, such as plan eligibility, funding, contributions and benefits. While the plan document and the SPD should be consistent, they are two separate documents and are both separately required by ERISA.

ERISA places the burden of satisfying the plan document and the SPD requirements on the plan administrator, which is generally the employer. Fully insured plans may think the insurance carrier’s contract, policy or certificate booklet (collectively, the certificates) with the plan sponsor satisfy the SPD requirement; however, most certificates will not likely satisfy the SPD requirement.

A Wrap document essentially “wraps” around the insurance carrier’s certificate of coverage creating a fully compliant plan document and SPD. A Wrap document can also combine or bundle multiple employee-sponsored plans into a single document which helps to simplify 5500 filings.

While carrier contracts, policies and certificate booklets may function as the written plan document, such documents will usually not include required ERISA language and specifics about the plan itself. Adding a wrap document will be necessary for compliance with the written plan document and SPD requirements under ERISA.