Compliance
Solutions
One stop solution for all your compliance needs.
Simplifying ERISA Compliance Complexities
Try saying that 5 times fast! With the MoneyWise Compliance Solution, we will keep you up-to-date on all regulations and updates covering all aspects of ERISA Compliance. We will also provide you with expert support and guidance to mitigate the risk of costly fines, penalties, and liabilities groups face with non-compliance.
*Compliance requirements may vary based on factors such as the size of the company, the type of benefits offered, and other relevant considerations, this is just a sample list.
Did You Know?
1- 19 Employees
-
Plan Document
-
Wrap Document
-
ERISA Benefit Notices
-
POP Document
-
ACA Reporting 1094 B - 1095 B
20-49 Employees
-
Plan Document
-
Wrap Document
-
ERISA Benefit Notices
-
POP Document
-
ACA Reporting 1094 B - 1095 B
-
COBRA
If you offer benefits no matter how many employees you have, you have compliance obligations.*
MoneyWise Solutions can handle everything for you!
50-99 Employees
-
Plan Document
-
Wrap Document
-
ERISA Benefit Notices
-
POP Document
-
ACA Reporting 1094 C - 1095 C
-
COBRA
-
FMLA
100+ Employees
-
Plan Document
-
Wrap Document
-
ERISA Benefit Notices
-
POP Document
-
ACA Reporting 1094 C - 1095 C
-
COBRA
-
FMLA
-
5500 Reporting
-
Non-Discrimination Testing
Simplifying ERISA Compliance Complexities
Try saying that 5 times fast! With the MoneyWise Compliance Solution, we will keep you up-to-date on all regulations and updates covering all aspects of ERISA Compliance. We will also provide you with expert support and guidance to mitigate the risk of costly fines, penalties, and liabilities groups face with non-compliance.
Did You Know?
1- 19 Employees
-
Plan Document
-
Wrap Document
-
ERISA Benefit Notices
-
POP Document
-
ACA Reporting 1094 B - 1095 B
20-49 Employees
-
Plan Document
-
Wrap Document
-
ERISA Benefit Notices
-
POP Document
-
ACA Reporting 1094 B - 1095 B
-
COBRA
If you offer benefits no matter how many employees you have, you have compliance obligations.*
MoneyWise Solutions can handle everything for you!
50-99 Employees
-
Plan Document
-
Wrap Document
-
ERISA Benefit Notices
-
POP Document
-
ACA Reporting 1094 C - 1095 C
-
COBRA
-
FMLA
100+ Employees
-
Plan Document
-
Wrap Document
-
ERISA Benefit Notices
-
POP Document
-
ACA Reporting 1094 C - 1095 C
-
COBRA
-
FMLA
-
5500 Reporting
-
Non-Discrimination Testing
*Compliance requirements may vary based on factors such as the size of the company, the type of benefits offered, and other relevant considerations, this is just a sample list.
MoneyWise Compliance Solutions
Reduce the Administrative Load and Mitigate Employer Risk with these MoneyWise Compliance Solutions.
MoneyWise Compliance Solutions
Reduce the Administrative Load and Mitigate Employer Risk with these MoneyWise Compliance Solutions.
Non-Discrimination
Testing
Required annually by IRS if you have an FSA, HSA, HRA, POP or Self-Funded Plan.
5500 Filing
Required annually by the last day of the 7th month your plan year ends for groups with 100+ participants.
POP Document
Required for any size group that offers pre-tax health coverage. Included at no charge with any CDH Plan.
Non-Compliance Penalties can be Costly.
ERISA Documents & Plan Documents
Failing to provide documents timely can start at $110 per day per violation to more than $1,000 per day.
Failure to File Form 5500
ERISA requires certain employee benefit plans to file an annual report, known as Form 5500, with the Department of Labor. Failure to timely file Form 5500 can result in civil penalties of up to $2,259 per day until the form is filed.
Non-Discrimination Testing
If a plan fails non-discrimination testing and corrective actions are not taken, the IRS could disqualify the plan, impose excise taxes, and have significant financial consequences for the group and plan participants.
The Value of Compliance with MoneyWise
All documents go through legal review and are tested to guarantee compliance.
Ensured Compliance
You will have access to your documents and tests online, with electronic signature upon approval.
Secure Electronic Review & Approval
We will automatically update your documents within 30 days should any regulatory updates be made.
Free Regulatory Updates
We offer an easy online payment portal for all your compliance needs.
Online Payments
Non-Compliance Penalties can be Costly.
ERISA Documents & Plan Documents
Failing to provide documents timely can start at $110 per day per violation to more than $1,000 per day.
Failure to File Form 5500
ERISA requires certain employee benefit plans to file an annual report, known as Form 5500, with the Department of Labor. Failure to timely file Form 5500 can result in civil penalties of up to $2,259 per day until the form is filed.
Non-Discrimination Testing
If a plan fails non-discrimination testing and corrective actions are not taken, the IRS could disqualify the plan, impose excise taxes, and have significant financial consequences for the group and plan participants.
The Value of Compliance with MoneyWise
All documents go through legal review and are tested to guarantee compliance.
Ensured Compliance
You will have access to your documents and tests online, with electronic signature upon approval.
Secure Electronic Review & Approval
We will automatically update your documents within 30 days should any regulatory updates be made.
Free Regulatory Updates
We offer an easy online payment portal for all your compliance needs.
Online Payments
Compliance Frequently Asked Questions
ERISA is a federal law that sets minimum standards for most voluntarily established pension and health plans in private industry to provide protection for individuals in these plans. ERISA requires plans to provide participants with plan information, including important information about plan features and funding, and it sets minimum standards for participation, vesting, benefit accrual, and funding.
Form 5500 is an annual report that must be filed with the Department of Labor (DOL) by employee benefit plans to report their financial condition, investments, and operations. This requirement applies to most ERISA-covered plans, including health and retirement plans.
Employee benefit plans must comply with nondiscrimination rules that prevent plans from favoring highly compensated employees or key employees over other employees. These rules apply to both health plans (under the ACA) and retirement plans (under the Internal Revenue Code).
A "Premium Only Plan" (POP) document is related to Section 125 of the Internal Revenue Code and allows employees to pay for certain benefits, such as health insurance premiums, on a pre-tax basis. This can result in tax savings for both employees and employers.
Employers who offer benefits such as health insurance, flexible spending accounts (FSAs), or dependent care spending accounts, may need a Premium Only Plan document to establish the legal framework for administering these benefits under Section 125.
A Plan Document and a Wrap Document are both important components of employee benefit plans, particularly in the context of ERISA (Employee Retirement Income Security Act) compliance, but they serve different purposes:
-
Plan Document:
-
A Plan Document outlines the specific terms and conditions of an employee benefit plan. This document typically includes details such as eligibility criteria, contribution requirements, vesting schedules, benefit formulas, and other plan provisions.
-
The Plan Document serves as the legal foundation of the employee benefit plan and must comply with ERISA regulations. It is the comprehensive document that governs the operation and administration of the plan.
-
Plan Documents are typically specific to individual benefit plans, such as a health insurance plan, retirement plan (401(k)), or a welfare benefit plan.
-
-
Wrap Document:
-
A Wrap Document is a document that "wraps around" existing insurance policies or other benefit plan documents to consolidate ERISA-required disclosures and plan information into a single document.
-
The Wrap Document acts as a summary plan description (SPD) for ERISA-covered benefits. It combines the required ERISA disclosures with the existing insurance certificates or policy documents to create a comprehensive document that meets ERISA's disclosure requirements.
-
While the insurance policies or other benefit plan documents contain detailed provisions specific to each benefit, the Wrap Document provides a simplified overview of all benefits offered under the plan in a single document.
-
Wrap Documents are particularly useful for employers offering multiple benefits, as they streamline compliance with ERISA's disclosure requirements by consolidating information from various sources into one document.
-
In summary, while a Plan Document outlines the specific terms and provisions of an individual employee benefit plan, a Wrap Document consolidates ERISA-required disclosures and plan information from various sources into a single document, providing employees with a comprehensive summary of all benefits offered under the plan.
-
Benefit notices are documents that employers are required to provide to employees to communicate important information about their employee benefits, rights, and obligations under various laws and regulations.
The timing for providing benefit notices varies depending on the type of notice and the applicable law or regulation. Employers must ensure timely delivery of all required notices to employees.
Wrap documents are not legally required, but they are highly recommended for groups that offer benefits. Here’s an overview of what wrap documents are and why they are important:
What is a Wrap Document?
A wrap document is a legal document that "wraps" together various employee benefit plans into a single plan for reporting purposes under the Employee Retirement Income Security Act (ERISA). This can include health insurance, dental insurance, vision insurance, life insurance, disability insurance, and other benefits.
Key Reasons to Use Wrap Documents
-
ERISA Compliance:
-
ERISA requires employers to provide certain information to plan participants, including a summary plan description (SPD).
-
Many insurance policies do not meet the SPD requirements on their own. A wrap document ensures all necessary ERISA information is included and consolidated into one comprehensive document.
-
-
Simplification and Clarity:
-
A wrap document simplifies administration by combining multiple benefits into a single plan document.
-
It provides a clear and comprehensive description of all benefits, which can be easier for employees to understand.
-
-
Avoiding Penalties:
-
Failing to provide compliant SPDs can result in significant penalties. A wrap document helps ensure compliance with ERISA’s reporting and disclosure requirements.
-
ERISA requires that participants receive the SPD within 90 days of becoming covered under the plan or within 120 days of the plan becoming subject to ERISA.
-
Components of a Wrap Document
A wrap document typically includes:
-
General Information: Plan name, plan sponsor, plan administrator, plan number, and the type of plan.
-
Eligibility and Participation: Who is eligible to participate and how they enroll.
-
Plan Benefits: Detailed descriptions of the benefits provided under the plan.
-
Funding and Contributions: Information on how the plan is funded and any contributions required from participants.
-
Claims Procedures: How participants can file claims for benefits and the process for handling those claims.
-
ERISA Rights: Statements regarding participants’ rights under ERISA.
Practical Considerations
-
Customization: Wrap documents should be customized to reflect the specific benefits offered by the employer and to ensure compliance with ERISA requirements.
-
Annual Review: Employers should review their wrap documents annually to ensure they remain up-to-date with any changes in benefits or legal requirements.
-
Distribution: Employers must distribute the SPD (which can be the wrap document) to all plan participants and beneficiaries.
Summary
While wrap documents are not strictly required by law, they are highly advisable for employers offering multiple employee benefits. They help ensure ERISA compliance, simplify benefit administration, and protect against potential penalties. Employers should consider creating wrap documents to consolidate their benefits plans into a single, comprehensive document.
-
Non-Discrimination
Testing
Required annually by IRS if you have an FSA, HSA, HRA, POP or Self-Funded Plan.
5500 Filing
Required annually by the last day of the 7th month your plan year ends for groups with 100+ participants.
POP Document
Required for any size group that offers pre-tax health coverage. Included at no charge with any CDH Plan.
Compliance Frequently Asked Questions
ERISA is a federal law that sets minimum standards for most voluntarily established pension and health plans in private industry to provide protection for individuals in these plans. ERISA requires plans to provide participants with plan information, including important information about plan features and funding, and it sets minimum standards for participation, vesting, benefit accrual, and funding.
Form 5500 is an annual report that must be filed with the Department of Labor (DOL) by employee benefit plans to report their financial condition, investments, and operations. This requirement applies to most ERISA-covered plans, including health and retirement plans.
Employee benefit plans must comply with nondiscrimination rules that prevent plans from favoring highly compensated employees or key employees over other employees. These rules apply to both health plans (under the ACA) and retirement plans (under the Internal Revenue Code).
A "Premium Only Plan" (POP) document is related to Section 125 of the Internal Revenue Code and allows employees to pay for certain benefits, such as health insurance premiums, on a pre-tax basis. This can result in tax savings for both employees and employers.
Employers who offer benefits such as health insurance, flexible spending accounts (FSAs), or dependent care spending accounts, may need a Premium Only Plan document to establish the legal framework for administering these benefits under Section 125.
A Plan Document and a Wrap Document are both important components of employee benefit plans, particularly in the context of ERISA (Employee Retirement Income Security Act) compliance, but they serve different purposes:
-
Plan Document:
-
A Plan Document outlines the specific terms and conditions of an employee benefit plan. This document typically includes details such as eligibility criteria, contribution requirements, vesting schedules, benefit formulas, and other plan provisions.
-
The Plan Document serves as the legal foundation of the employee benefit plan and must comply with ERISA regulations. It is the comprehensive document that governs the operation and administration of the plan.
-
Plan Documents are typically specific to individual benefit plans, such as a health insurance plan, retirement plan (401(k)), or a welfare benefit plan.
-
-
Wrap Document:
-
A Wrap Document is a document that "wraps around" existing insurance policies or other benefit plan documents to consolidate ERISA-required disclosures and plan information into a single document.
-
The Wrap Document acts as a summary plan description (SPD) for ERISA-covered benefits. It combines the required ERISA disclosures with the existing insurance certificates or policy documents to create a comprehensive document that meets ERISA's disclosure requirements.
-
While the insurance policies or other benefit plan documents contain detailed provisions specific to each benefit, the Wrap Document provides a simplified overview of all benefits offered under the plan in a single document.
-
Wrap Documents are particularly useful for employers offering multiple benefits, as they streamline compliance with ERISA's disclosure requirements by consolidating information from various sources into one document.
-
In summary, while a Plan Document outlines the specific terms and provisions of an individual employee benefit plan, a Wrap Document consolidates ERISA-required disclosures and plan information from various sources into a single document, providing employees with a comprehensive summary of all benefits offered under the plan.
-
Benefit notices are documents that employers are required to provide to employees to communicate important information about their employee benefits, rights, and obligations under various laws and regulations.
The timing for providing benefit notices varies depending on the type of notice and the applicable law or regulation. Employers must ensure timely delivery of all required notices to employees.
Wrap documents are not legally required, but they are highly recommended for groups that offer benefits. Here’s an overview of what wrap documents are and why they are important:
What is a Wrap Document?
A wrap document is a legal document that "wraps" together various employee benefit plans into a single plan for reporting purposes under the Employee Retirement Income Security Act (ERISA). This can include health insurance, dental insurance, vision insurance, life insurance, disability insurance, and other benefits.
Key Reasons to Use Wrap Documents
-
ERISA Compliance:
-
ERISA requires employers to provide certain information to plan participants, including a summary plan description (SPD).
-
Many insurance policies do not meet the SPD requirements on their own. A wrap document ensures all necessary ERISA information is included and consolidated into one comprehensive document.
-
-
Simplification and Clarity:
-
A wrap document simplifies administration by combining multiple benefits into a single plan document.
-
It provides a clear and comprehensive description of all benefits, which can be easier for employees to understand.
-
-
Avoiding Penalties:
-
Failing to provide compliant SPDs can result in significant penalties. A wrap document helps ensure compliance with ERISA’s reporting and disclosure requirements.
-
ERISA requires that participants receive the SPD within 90 days of becoming covered under the plan or within 120 days of the plan becoming subject to ERISA.
-
Components of a Wrap Document
A wrap document typically includes:
-
General Information: Plan name, plan sponsor, plan administrator, plan number, and the type of plan.
-
Eligibility and Participation: Who is eligible to participate and how they enroll.
-
Plan Benefits: Detailed descriptions of the benefits provided under the plan.
-
Funding and Contributions: Information on how the plan is funded and any contributions required from participants.
-
Claims Procedures: How participants can file claims for benefits and the process for handling those claims.
-
ERISA Rights: Statements regarding participants’ rights under ERISA.
Practical Considerations
-
Customization: Wrap documents should be customized to reflect the specific benefits offered by the employer and to ensure compliance with ERISA requirements.
-
Annual Review: Employers should review their wrap documents annually to ensure they remain up-to-date with any changes in benefits or legal requirements.
-
Distribution: Employers must distribute the SPD (which can be the wrap document) to all plan participants and beneficiaries.
Summary
While wrap documents are not strictly required by law, they are highly advisable for employers offering multiple employee benefits. They help ensure ERISA compliance, simplify benefit administration, and protect against potential penalties. Employers should consider creating wrap documents to consolidate their benefits plans into a single, comprehensive document.
-