IRS
Updated 530 days ago
40 W. Cochran Street, Suite 210 Simi Valley, CA 93065
The Employee Retirement Income Security Act (ERISA) requires that employers who offer welfare benefit plans to maintain a written plan document and summary plan description for each plan. These documents are a crucial part of any benefit program offered by employer groups as they communicate the plan benefits and how each plan operates. If an employer only provides a health plan and allows the employees to pretax the premiums, the employer is required to have a written Section 125 Premium Only Plan. Other employers may offer several benefits including an FSA and/or an HRA. Both of these plans require a written plan document and summary plan description. ERISA also requires that all private sector employers, regardless of size, to provide a summary plan description or "wrap document" to employees that encompasses all benefits being offered.