Web-based Compliance System for Cost-efficient SPDs Launches
ERISA Pros has announced the release of Wrap-Tight, an ERISA compliance tool for Welfare Benefits Plans that creates and publishes customized wrapped summary plan descriptions (SPDs) at low cost. And given its web-based accessibility, Wrap-Tight documents are updatable from within any web browser, whenever necessary. The ERISA Essentials suite includes templates for documents including instructional memos, plan documents, resolutions, SPDs, qualified medical child support orders, and electronic distribution packages.
The program automatically updates itself periodically to reflect any changes in compliance legislation and regulation and informs users of all new changes. This service ensures that all insurance documents are up to date, regardless of carrier or coverages changes or plan provisions. The optional electronic distribution package allows employers to distribute ERISA documents electronically, saving postage and paper over the traditional SPD delivery method. The program also provides recordkeeping capabilities so that users can track fulfillment.
The Employee Retirement Income Security Act of 1974 is a federal law that oversees the administration of welfare and qualified retirement plans. Under the law, employers must have a plan document and provide a summary of it to all plan participants within their organizations. The SPD is the primary method for disseminating this information to participants. Wrap-Tight is designed to automate much of the process of creating and publishing SPDs and to ensure the lawful compliance of such documents at a relatively low cost.
For more information visit ERISApros.com.