ERISA (Employee Retirement Income Security Act) requires employers to provide certain protections and benefits to their employees.
ERISA also requires employers to create a wrap plan document outlining the details of these protections and benefits.
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This document must be filed with the Department of Labor and is an important part of ensuring that your company meets its legal obligations and provides the necessary benefits to your employees.
Establish Your Plan Overview: The first step in creating an ERISA wrap plan document is to establish a plan overview. This document should include the purpose of the plan, the types of benefits included, the eligibility requirements, and the method of funding.
Identify the Benefits and Eligibility Requirements: Once you have established the general overview of the plan, you can begin to identify the specific benefits and eligibility requirements. This document should include a detailed description of the benefits offered and the eligibility requirements for each.
Determine the Administration of the Plan: Once you have identified the benefits and eligibility requirements, you can determine the administration of the plan. This includes how the plan is managed, who is responsible for making decisions, and how the plan is funded. It should also include the rules and procedures for making changes to the plan.
Create a Summary of Material Modifications: Once you have established the plan overview, identified the benefits and eligibility requirements.