ERISA Wrap SPD, Employee Notices, Section 125, and Avoiding DOL Audits

ERISA Wrap SPD

Every employer offering health insurance, regardless of company size, must have an ERISA Wrap Summary Plan Description (SPD). The Affordable Care Act (ACA) increases the importance of proper plan documents. DOL audits are increasing, and fines can top $100 per employee per day.

Section 125 Plans

Like the ERISA Wrap SPD, every company, regardless of size, must have proper Section 125 documents if pre-tax payment of benefits (Section 125 “Premium Only Plan” or “POP” plan), Flexible Spending Accounts (FSA’s), or a Full Cafeteria Plan is offered to employees.

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Employee Notices

We provide customized employee notice packets including: Medicare Part D, CHIP, WHCRA, HIPAA, Initial COBRA, Health Exchange, as well as triggering event notices as needed for FMLA, COBRA, HIPAA Breach and Medical Child Support Order Notice.

Avoiding DOL Audits

There has been a noticeable increase in Department of Labor audits since 2014. Proper plan documentation and record keeping are an Employer’s best defense against penalties and DOL audits of ERISA and ACA compliance.

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WAUGH AGENCY HEALTH INSURANCE COMPLIANCE