Important Notices
- Updated Software & Documents -
- We've Moved -

 
Updated Software & Documents are Now Available
We are pleased to inform you that today we released a number of updates to our Wrap-Tightsm software based on PPACA. Our documents already reflect these changes. In order for your Plans to remain in compliance, you may need to update them at this time. The following are some of the changes applicable to health plans subject to PPACA:
  • Maximum 90-Day Waiting Period,
  • Maximum full time eligibility requirement of 30 hours/week to avoid Play or Pay penalties (although enforcement has been delayed until 2015), and
  • Health plans exempt from PPACA (e.g., dental, vision, etc. that are separate from medical/health plan and not integral to it) may not be grandfathered, although grandfathered health plans will be subject to some provisions of PPACA.
Please note that these changes are time sensitive. They are effective for Plan Years beginning on or after January 1, 2014.
Platinum or Gold Plan Customers
If you have previously distributed a Wrap SPD to employees, you may need to amend and restate your plan or prepare a Summary of Material Modification (SMM) to distribute to your participants. Please contact us as soon as possible to evaluate your needs, if any.
Wrap-Tightsm Customers
In order to incorporate these changes into your Wrap-Tightsm Plan, log in at www.erisaproswraptight.com. You may need to complete new questions in component benefit health plan questionnaires. Based on your input for Eligibility, Waiting Period, and Effective Date, you may need to change some input.
If you do make any changes and create new documents, be sure to indicate that this updated plan will be "An Amendment and Restatement of an Existing Plan" under the "General Wrap Plan Information" portion of the questionnaire. The effective date under "Effective Date of This Amendment and Restatement" may need to be updated as well.
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5901C Peachtree Dunwoody Road
Suite 480
Atlanta, Georgia 30328
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© 2017 ERISAPros, LLC, All rights reserved. Information on ERISAPros' 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 ERISAPros. Transmission of this information does not create an attorney-client relationship. ERISAPros, 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.

 

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