what is the benefit of a wrap policy
Letâs start with the basics. A âwrapâ plan document is legal document that combines and incorporates, by reference, all group insurance policies and contracts that provide welfare benefits to employees. A summary plan description (SPD) is not a wrap plan document. Most welfare benefit plans are subject to the requirements of the Employee Retirement Income Security Act (ERISA). In fact, ERISA language clearly requires that all welfare benefit plans must be established and maintained pursuant to a written document.