Do you have an ERISA compliant Summary Plan Desription document? If that question only generates more questions, don't worry, you are not alone.
Many employers are unaware of the SPD requirements under the Employee Retirement Income Security Act of 1974 (ERISA). And many who have SPDs don't have all of their bases covered either.
Preparing an ERISA compliant SPD requires a great deal of time and resources and it can be incredibly costly. But if you fail to comply with U.S. Department of Labor (DOL) regulations, you can be subject to fines for non-compliance as well as greater exposures during an audit.