We Save You Money

Avoiding DOL Penalties -
Being in compliance with ERISA can avoid costly government penalties. For example, failure to submit an annual Form 5500 on time can result in penalties of up to $1,100 per day. The fine for late delivery of a Summary Plan Description (SPD), Summary of Material Modification (SMM) or Summary Annual Report (SAR) can be as much as $110 per day.

These penalties apply to each Plan, they are cumulative, and there is no Statute of Limitations for them. An employer with four separate Plans (group life, medical, dental, and disability insurance policies) that files its Form 5500s just 30 days late can be fined $132,000!

Reducing Litigation, Jury Trials, & Punitive Damages -
Employee lawsuits over denied benefits are expensive and time consuming. They can be reduced if an employer is able to show that the claim was paid properly according to the terms the SPD provided to the employee.

ERISA Cases are tried in Federal Court rather than State Court. This is a significant advantage for the employer/defendant. In federal court, there are no jury trials or punitive damages as there are in state courts. Also, in federal court, it is more difficult to overturn a Plan Administrator's claim decision.

Reducing Costs -
Our proprietary Wrap-Tight^sm compliance and document system allows employers to save money by preparing and adopting a single Wrap Plan, filing one Form 5500, distributing a single SPD, SAR, and SMM, and amending one Plan in response to legislative or regulatory changes—rather than for each separate component benefit plan.

Our plans are affordable, and, more importantly, they are cost effective compared to the cost of not being in compliance. That's the nice part of it.

We Help You Comply

An Important Part of Our Service -
We contact our clients every year to check for changes that could affect their compliance.

The Law Could Change -
Healthcare Reform has been requiring changes to SPDs and Plan Documents at least annually. Document updates may also be required due to new court cases, or legislation and regulations.

Situations Change -
A company's situation may have changed, such as buying or selling another company or a subsidiary. Companies frequently change a benefit plan or insurance carrier and modify the terms of its plan, such as the deductible, copay, or waiting periods. An employer might even cross the 100 participant threshold, thus requiring it to file a Form 5500.

Documents Need to Match Your New Situation -
An employer's documents often need to be updated to keep them in compliance with ERISA.

Updating our Wrap-Tight^sm documents to stay in compliance will be easy and affordable.

Our People, Practices & Products

Our People -
Our compliance specialists have years of experience based knowledge and training in ERISA and employee benefit plans. We are constantly and rigorously training our staff in this concentrated area. It's our goal to be the best at what we do, period.

Our Practices -
We are proactive. We contact our clients every year to see if their documents need updating. During the year, we are available for client consultations and to answer questions about the documents we prepared. We strive to anticipate and then exceed our clients' expectations.

Our Products -
Our proprietary Wrap-Tight^sm system of preparing Plan Documents, SPD wrappers, and Form 5500s is based on industry best practices. This allows us to be efficient and effective so that we can deliver state-of-the-art documents at an affordable cost.

We gather the information required to prepare customized documents that match the unique needs of each employer. We don't just send you a blank document or a template and hope that you can and will fill it out correctly.

You have nothing to lose, and perhaps much to gain, from a complimentary initial consultation with one of our compliance specialists. You will know, from this initial consultation, how long it will take and how much it will cost to create your Wrap Plan and SPD and prepare your 5500 to bring your plans into full ERISA compliance.

You Can Rest Easy -
Best of all, we are easy to work with, responsive, and professional.

"ERISA Pros and our Wrap-Tight^sm system is the 'gold standard' of compliance." If that's what our clients say about us, then we've done our job.

© 2012 ERISA Pros, LLC, All rights reserved. Information on ERISA Pros' website, its newsletter, “News & Views,” and its blog, “ERISA Wonk,” is published as a general informational source. Information and articles are general in nature and are not intended to constitute legal or tax advice in any particular matter. Blog posts and comments reflect the personal views of their respective authors - not those of ERISA Pros. Transmission of this information does not create an attorney-client relationship. ERISA Pros, LLC is not a law firm and is not giving legal or tax advice. It does not warrant and is not responsible for errors or omissions in the content on its website or in its newsletters. ERISA is a complicated and confusing law. Summary Plan Descriptions (SPDs), Wrap Plan Documents, and Form 5500s require review and updating by qualified ERISA compliance professionals.