Frequently Asked Questions

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 Do you provide a marketing flyer that will help me communicate to my clients why they need a Wrap SPD and Plan Document?

Yes, you can find a customizable, one-page marketing tool in the Support Tools section of Wrap360 titled Wrap SPD & Plan Document Marketing Flyer.

 If my client is audited by the U.S. Department of Labor, will Wrap360 support my client through the audit process?

Our service does not extend to one-on-one support during the audit process, but if there are any questions about the provisions included in our Wrap SPDs, Wrap Plan Documents, Premium Conversion Plan Documents or other templates, we would be happy to respond.

 Is there a legal disclaimer for brokers that can be attached to the Wrap and PCP documents?

Please refer to the disclaimer language appearing at the bottom of the Introductory Letter for Plan Administrators (located in the Support Tools section of Wrap360), which states as follows:

"The Wrap SPD, Wrap Plan Document and Premium Conversion Plan Documents (Plan Documents) that you have received are prepared from templates which have been drafted by experienced employee benefits counsel who make every reasonable effort to keep the templates current and compliant with applicable law. However, there are many variables that must be considered in customizing the Plan Documents for use by a particular employer or plan. As such, [Name of Broker] makes no warranty or representation, express or implied, regarding the Plan Documents and makes no guarantees as to the outcome or results to be obtained from your use of the Plan Documents. You are solely responsible for any failure with respect to distribution of the Plan Documents to plan participants or the maintenance or distribution of any other materials, including any component benefit plan documents, which may be required to comply with applicable law. A qualified attorney or other appropriate professional should be consulted on all legal compliance matters."

 Is there a sample introductory cover letter to send to employees to accompany the SPD explaining what it is and why it is being sent?

Yes, Wrap360 provides a customizable introductory letter for employees in our Support Tools section.

 Is there a sample introductory cover letter to send to employers to accompany the Wrap and PCP documents?

Yes, Wrap360 provides a customizable introductory letter for employers/plan administrators in our Support Tools section.

 What types of service fees are brokers charging for providing the Wrap SPDs and Wrap Plan Documents to their clients?

The service fees can range from $50 - $375 per set of wraps depending on the size of the company and budgetary considerations. However, ultimately, you set the price for your clients. The service fee you are charging covers your time and effort in gathering all the required information, entering that information into the system, and updating the documents should plans or laws change.

Please Note: Wrap360 and its employees and officers are not permitted to offer legal advice. These FAQs are provided for general information purposes only. As the answers to specific questions may vary based on federal or state law, as well as on company documents for the issues in question, it would be prudent to consult knowledgeable benefits counsel for individualized guidance.