For most plan sponsors, the Employee Retirement Income Security Act (ERISA) is one of the most significant laws governing their employee health and welfare benefit plan. ERISA imposes various requirements on plan sponsors, including the requirement that the plan have a written plan document and a Summary Plan Description (SPD). Plans subject to ERISA must also file an annual Form 5500 to report certain information on these plans to the DOL and distribute a Summary Annual Report to communicate this information to participants. Complying with these requirements can, in some cases, pose challenges for plan sponsors and plan administrators.
