Why You Need Updated ERISA and IRS Benefits Plan Documents – March 2018

Employers of all sizes have extensive obligations when it comes to sponsoring employee health and welfare benefit plans. Having compliant written plan documents is essential and has become even more important as plan audit and enforcement activities have increased in recent years. It isn’t a matter of “if” a plan is audited, but “when.”

While government enforcement potential has increased, another threat is from employees, who may bring civil actions against employers, such as enforcing the $110 per day penalty for failure to provide plan materials in a timely manner, including wrap plan documents and SPDs.

Join ERISA attorney Stacy Barrow of Marathas Barrow Weatherhead Lent LLP and ThinkHR Legal Editor Nicole Quinn-Gato as they reveal the common myths and misconceptions companies have about plan document compliance under ERISA, how plan information must be communicated to employees, and the need for a written cafeteria plan document, including:

• What constitutes a true SPD under ERISA and why a wrap document helps employers meet this requirement.
• Why having a wrap document is especially important for self-funded plans, as failure to adequately address subrogation rights and have ERISA compliant claims procedures can result in significant liability for the employer.
• The purposes of a written cafeteria plan document and potential tax consequences for failing to have a written plan.
• What an employer can expect in an audit and why having plan documents completed and readily retrievable is important.
• How thorough communication of employee eligibility in a wrap document is an important step in Affordable Care Act (ACA) compliance.
• Electronic delivery options and requirements.
• Document retention (and retrieval) requirements and best practices.