Wrap documents are drafting devices that are often used to supplement, or “wrap around” existing benefits plan information to help plan sponsors comply with ERISA obligations. Although not specifically required, properly drafted and distributed wrap documents can help to satisfy ERISA’s disclosure requirements by including required language around policies or plans, since a carrier or TPA-provided insurance policy or certificate alone will not satisfy these obligations. Wrap documents can also simplify Form 5500 filings by combining multiple benefit plans into a single ERISA plan for filing purposes.
Read the full McGriff Compliance Q&A
Insurance products and services offered through McGriff Insurance Services, Inc., a subsidiary of Truist Insurance Holdings, Inc., are not a deposit, not FDIC insured, not guaranteed by a bank, not insured by any federal government agency and may go down in value.
McGriff Insurance Services, Inc. CA License #0C64544