ftwilliam.com Improves Employee Welfare Plans Document System

May 4, 2009 (PLANSPONSOR.com) - ftwilliam.com has upgraded its welfare documents system.

As a part of the upgrade, a number of new checklist options have been added to allow more customization of forms and the summary plan description, according to a press release. The upgrade also includes the release of a new “Wrap” document, provided free of charge to all ftwilliam.com Annual Welfare Document Software subscribers.

The ftwilliam.com welfare document package now includes Cafeteria, Premium Only, Health Reimbursement Arrangement, Transportation Spending (IRC 132), and Wrap Plans. Most Welfare plans now include a highlights document and all welfare plans have been upgraded with more extensive customization options for forms and the Summary Plan Description, the press release said.

The Wrap document is provided in a single plan document format with the variable provisions in the first article of the plan. The document includes a Summary Plan Description (SPD) with options to include COBRA, HIPAA privacy, HIPAA portability, FMLA and claims language. It serves primarily to simplify 5500 filing requirements for employers with multiple ERISA welfare plans (health insurance, dental insurance, cafeteria plan, etc.), as employers can file one 5500 for all welfare plans if wrapped together under a wrap document.