Clients often overlook their need for ERISA coverage because:
- They believe an insurance company’s group insurance policy or Certificate of Insurance is an SPD. However, this policy rarely contains all of the required ERISA language. To ensure compliance, an employer should prepare an ERISA “wrapper”. Together, the SPD wrapper and the Certificate of Insurance constitute a compliant SPD.
- They believe their broker, carrier or accountant is responsible for preparing, filing, and delivering wrap SPDs and Form 5500s. However, ERISA compliance is solely the employer’s responsibility.
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Employment Law Guide