The foundation of good risk management is a quality set of plan documents that not only serve the essential function of placing multiple benefits under a single umbrella for ERISA purposes, but also are effective risk management tools. The ERISAfire Wrap+ service leverages the same plan document language that has been curated and expertly crafted by ERISAfire's attorneys, giving you the benefit of the changes ERISAfire makes to its own attorney-drafted documents as a result of prior legislative, regulatory and judicial developments.
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Who Should Use ERISAfire Wrap+
ERISAfire's Wrap+ service is designed for employers in the small group and middle market, and it is useful in generating these high-quality plan documents:
ERISA wrap document plus pre-tax premium and (optional) HSA contribution features
ERISA wrap document plus full Section 125 cafeteria plan with pre-tax premium, HSA contribution and FSA benefits
Health reimbursement arrangement (HRA) (available as an addendum to Wrap+POP and Wrap+FSA)
Qualified transportation (available as an addendum to Wrap+POP and Wrap+FSA)
What Is ERISAfire Wrap+ Not Designed For
As the saying goes, one size fits none. What Wrap+ does, it does well, but it's not for every situation. Employers requiring certain customizations could really benefit from the keen eyes of our experienced ERISA attorneys. These are some of the customizations that the Wrap+ service is not well-suited for, and you should consider ERISAfire's full-service plan documents instead:
Non-employee director benefits
Strategic structuring of benefits into different ERISA plans
Different benefit offerings or eligibility for different divisions or subsidiaries (other than HMO/ACO service areas and life/disability policy classes because Wrap+ has you covered there)
Mid-month coverage start dates
Non-standard FSA forfeiture provisions
Funded plans—that is, plans that have (or should have) a trust
Using the Wrap+ Service
While ERISAfire's Wrap+ service is a self-service tool, you're never without support. The tool elicits pertinent details using questions written in pedestrian language and conditional logic that changes the interview based on your responses. If you ever get stuck or don't quite understand our ERISA-speak, just ping us on our in-app messenger with your question. (It's the little blue guy in the corner. He gets lonely sometimes. Say hi!)
Before You Begin
It will be helpful to collect a few things before starting the interview:
Company tax information like EIN and formal legal name
Description of all fringe benefits like an open enrollment guide or presentation
If you want to be super-prepared, here's a complete list of interview questions.
Navigating the Interview
The interview proceeds rather intuitively from beginning to end, but if you find you need to go back or skip around, use the dots along the bottom to navigate the questions.
Saving Your Progress
Chances are, even if you're prepared, you're probably going to be interrupted along the way. That's OK! You can save your progress. Just skip to the end by clicking on the last dot of the progress meter, mark the status as "DRAFT" and submit. Watch your email inbox for a unique link that you (or anyone else you give the link to) can use to pick up right where you left off.
Using the Addenda
With Wrap+, the terms of certain benefits are provided in separate snap-on documents that supplement the larger formal plan document. If the Wrap+ platform is being used to document these benefits, then an addendum will be needed:
Qualified transportation benefits under Code Section 132
Health reimbursement arrangement (HRA) benefits under Code Section 105
After generating either a Wrap+POP or Wrap+FSA plan document, launch the appropriate addendum generator, answer a few questions, then submit. Voila!
Note: These addenda are designed for use only with Wrap+POP and Wrap+FSA. They will not work with any other plan document generation platform.