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. ERISA has been amended over the years to include beneficiaries of health plan participants, and one of its amendments was the COBRA law. Another amendment is the HIPAA law, which protects those who have pre-existing medical conditions or other health issues that could cause discrimination in health coverage.
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 Infinisource Benefit Services can help.
At Infinisource 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 and distribution of these documents on your behalf.
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