COLDWATER, Mich., Feb. 7, 2017 /PRNewswire/ -- Infinisource Benefit Services announces the addition of a cloud-based solution, the POP/ERISA Document Generator for brokers and agents. It enables brokers to create and print thorough and complete Premium Only Plan and ERISA documents from an online portal.
This new tool helps brokers keep their clients compliant with the reporting requirements for the Employee Retirement Income Security Act (ERISA) and Premium Only Plan (POP) benefits. It allows brokers to conveniently produce the necessary ERISA and POP documents efficiently and accurately.
Under ERISA, an employer that provides certain benefits to its employees, such as medical insurance or other types of coverage, is considered to have established an "employee welfare benefit plan." ERISA requires group health plans to have written plan documents in place, and to provide a summary plan description (SPD) to participants upon enrollment, among other times. The ERISA Wrap document "wraps" multiple plans into a single plan, which makes it simpler to communicate plan rights and obligations to participants and beneficiaries.
A Premium Only Plan (POP) is a pre-tax salary reduction plan that allows employees to pay group health insurance premiums. If an employer uses a Premium Only Plan, it is similarly required to have a plan document on record. Failure to maintain these federally mandated documents can result in penalties and fines.
"The new POP/ERISA Document Generator is a much-needed tool that will help brokers provide improved service to their clients while ensuring compliance," said Jody Oliver, president and CEO of Infinisource Benefit Services.
The POP/ERISA Document Generator is now available to brokers and agents.
About Infinisource Benefit Services:
Infinisource Benefit Services has been a leader in the COBRA and benefits administration industry since it started in 1986. Over the past 30 years, Infinisource Benefit Services has grown and expanded to include administration for COBRA, Flexible Spending Accounts, Health Savings Accounts and Health Reimbursement Arrangements. Infinisource Benefit Services has processed more than 5,000,000 FSA/HRA claims and that number continues to grow. With 30 years of experience comes a unique understanding of employers' needs and how to best provide for those needs. For more information, visit www.infinisource.com.
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SOURCE Infinisource Benefit Services