provides comprehensive ERISA reporting and disclosure services, including preparation of
Summary Plan Descriptions (SPDs), Summary of Material Modifications (SMMs)
and Summary Annual Reports (SARs) for employee welfare and pension benefit plans.
ComplianceAidsm also assists in filing Form
|Compliant SPDs reduce the potential
risk of penalties and legal action.|
|Your SPD, SMM and SAR can be provided in convenient PDF format for posting on your
company's Intranet site, as well as in paper format.|
|Outsourcing the preparation of SPDs, SMMs and SARs frees your staff to
concentrate on core business functions.|
|Summary Plan Description (SPD) Preparation/Compliance Review|
plans are exempt from ERISA if certain criteria are met (see SPD Q&A Summary).
Employers should not provide employees with an SPD for exempt plans or they
may become subject to ERISA.
If your company's employee benefit plan is subject to ERISA,
all employees who participate in the plan must be given an SPD that
fully and accurately explains,
in understandable terms, participants' rights, benefits and obligations
under the benefit plan.
For group health plans, the SPD must also include a
description of participants' COBRA continuation rights. To reduce your risk of penalties
and legal action, your SPD must
accurately summarize your benefit plan document(s). Your plan
document, insurance policies and certificates are not considered an SPD
and insurer-proved benefit descriptions may not contain all the
information necessary to comply with ERISA.
For employers with benefit plans subject to ERISA,
ComplianceAid will review your plan documents and draft an ERISA-compliant SPD.
If you have an existing SPD,
ComplianceAidsm will perform a compliance
review and make necessary revisions to the SPD, consistent with your current
plan documents and ERISA regulations. Submit the SPD to your attorney for
review prior to distribution to your employees.
|Summary of Material Modifications (SMM) Preparation|
Any time your existing employee benefit plan is materially modified, or
there is a material reduction in covered services or benefits, or information
in the SPD is changed, plan participants must be given an SMM or an amended SPD. An SMM or amended SPD must be
provided within certain specified time periods under ERISA and HIPAA.
assist you in complying with these requirements by drafting an SMM or an
amended SPD that accurately reflects any plan modifications. Submit the SMM
to your attorney for review prior to distribution to your employees.
|Annual Return/Report for Employee Benefit Plans, Form 5500|
April 4, 2002, the IRS suspended the Form 5500, Schedule F reporting requirement for
cafeteria plans, educational assistance programs and adoption assistance
plans until further notice; however, the suspension does not affect annual
reporting requirements under ERISA or other required schedules.
Unless specifically exempt,
benefit plans covered by ERISA are required to file Form 5500. Form 5500
satisfies the annual reporting requirements of the Department of Labor (DOL),
Employee Benefits Security Administration (EBSA) and the Internal Revenue
Service (IRS). Significant penalties and fines may be imposed for
incomplete or late filings and willful violations. Employee pension plans which have not filed an
annual Form 5500, may be able to substantially reduce penalties through the
Delinquent Filer Voluntary Compliance Program.
ComplianceAid will assist your plan administrator and CPA
or attorney with compiling and electronically
filing FORM 5500 via the ERISA Filing Acceptance System (EFAST), in compliance
with ERISA filing procedures and deadlines.
|Summary Annual Report (SAR) Preparation|
Unless specifically exempt, an SAR must
be provided to all plan participants. The SAR summarizes the information contained
in your plan's Form 5500 filed with the EBSA. The SAR must be provided
to plan participants within specified time periods; however, in lieu of
providing an SAR, plan participants may be given either a copy of Form 5500 or
written notice that a copy of Form 5500 will be provided upon request.
If you provide an SAR to plan participants,
ComplianceAid will draft an ERISA-compliant summary consistent
with your filed Form 5500. Submit the SAR to your attorney and/or CPA for review
prior to distribution to your employees.
SPDProsm Self Service for employee
welfare benefit plans
you with standard forms, checklists and guidelines to help you draft an ERISA-compliant
SPD, SMM and SAR.
Select this service if you maintain a single-coverage
benefit plan and you prefer to prepare the documents in-house. For more complex
benefit plans with
multiple coverages (including pension plans), we recommend
Full Service. Once
complete, submit the SPD to your attorney for
review prior to distribution to your employees.
|Easy to follow instructions and guidelines help you draft
an ERISA-compliant SPD, SMM and SAR.|
|The SPD, SMM and SAR forms are provided to you in
format so you can easily customize the documents
for your company's needs.|
|SPDPro Full Service
for Employee Welfare and Pension Benefit Plans|
for SPD, SMM and SAR preparation vary based upon the type of employee benefit
plan, the number of coverages, and the extent of services provided.
request a written estimate of fees, please
Self Service for Employee Welfare Benefit Plans
SPDPro Self Service
is FREE with your paid subscription to
ComplianceAid Toolkit and includes:
Customizable SPD form in Microsoft® Word®
SMM form in Microsoft® Word®
SAR form in Microsoft® Word®
for each form, including sample language.
Fees subject to change without notice.