With over 20 years of experience in the employee benefits market, WellSpring Benefits, Inc. develops strategies for employers to keep their healthcare dollars in check. With changing legislation, employers are finding it increasingly difficult to balance cost and value when managing employee benefits. Contact us today to see how WellSpring Benefits can create a strategy that best suits your unique workplace needs.
There is a thicket of information required by ERISA (The Employee Retirement Income Security Act of 1974) for those employers that provide employees with an array of benefits that may include medical/dental insurance, flexible spending accounts, prescription drug plans, disability plans, group term life insurance, and more. This bundle of offerings is known as an “employee welfare benefit plan” and requires a detailed, written plan document containing all of the specifics governing the plan. As its name suggests, a “wrap” document provides the nitty-gritty information required by ERISA by wrapping itself around the insurance policy or third-party contract. Together the “wrap” document and the insurance policy or contract comprise the complete plan document and satisfies compliance with ERISA. By working with WellSpring Benefits, we will diligently review all plan documentation to ensure that you are completely compliant.