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A Summary Plan Description (SPD) describes the rights and responsibilities of both the employer and employee under the group benefit plan by providing detailed information about the health plan itself.
Your company must provide an SPD to your insured employees within 120 days after the group plan is established. Failure to do so could cost you $171 per day in DOL fines.
SBAM members can simply enter your basic plan information into the online SPD template and the complete, compliant SPD will be emailed to you, ready for distribution to your insured employees. VIP and Elite level members enter an assigned promo code at checkout for savings on the purchase of the SPD!