SUMMARY PLAN DOCUMENTS

SUMMARY PLAN DOCUMENTS

This service provides pre-approved Internal Revenue Service (IRS) plan documents for your Cafeteria Plan (Section 125), Health Reimbursement Plan (Section 105), Wrap Plan, Transportation Spending Plan (Section 132) and Premium Only Plan (POP). Cafeteria Plan (Section 125) documents are always free for our spending account customers. A small charge applies for all other customers. 

OUR SERVICES INCLUDE: 

  • Logically ordered and easy to use checklists 

  • Adoption Agreement 

  • Basic Plan Document 

  • Summary Plan Description (SPD) 

  • Consent Actions 

  • Amendments (additional charge applies for amendments) 

  • Custom language can be accommodated 

  • Free updates as rules and regulations change 

FAQs

  • A: No, our software provider has already obtained this from the IRS.

  • A: The Adoption Agreement, the Basic Plan Document (aka BPD), the Summary Plan Description (aka SPD), and the Consent action.

  • A: The Adoption Agreement. Please make certain the information in the Adoption Agreement is accurate. Changes to the Adoption Agreement should be reported back to us. Updates made will flow to the appropriate plan documents and we will resend the revised package.

  • A: It is not required but always advised.

  • A: No. Our comments are believed to be the most recent and accurate best practices. Highmark cannot give you tax or legal advice. You should always consult your own tax and legal professionals.

  • A: Please follow the advice of counsel. There are sections in our software to accommodate custom provisions but not a complete rewrite of the documents. This would defeat the purpose of pre-approved templated documents. Please report back the desired changes for our records. Please keep in mind that plan documents are not binding legal agreements by and between the customer and Highmark. These documents are provided so your organization can quickly and easily satisfy IRS, Department of Labor, and other regulatory requirements. These are your plan documents.

  • A: Yes! Just let us know what changed. A small fee applies to amendments.

  • A: We recommend you discuss with your legal counsel and/or insurance advisors for the next step. Most organizations do not need customized documents. They are time consuming and expensive. We understand that your needs may be different.

Still have more questions?