To augment the maintenance of its Summary Plan Description (SPD) process in order to be ERISA compliant
Pacific Life Insurance has selected HighRoads’ SPD Service to augment the maintenance of its Summary Plan Description (SPD) process, in order to be ERISA compliant for its 5,900 plan subscribers.
SPDs are documents developed by employers that provide a summary of the health, welfare and retirement benefits offered to employees and their families. The department of Labor Employee Retirement Income Security Act (ERISA) regulations call for the delivery of clear and current summary details for participants of an employer-based benefits program.
By automating this task using the HighRoads SPD Service, companies such as Pacific Life can conserve critical staff productivity for more strategic projects, while assuring compliance with government regulations.
Bunnia Murphy, assistant vice president of Benefits of Pacific Life, said: “The HighRoads SPD Service has greatly enhanced what was traditionally a very complex and time consuming manual process for our department. HighRoads enables us to remain compliant while conserving our HR staff and resources for other strategic tasks.”
Michael Byers, president and CEO of HighRoads, said: “Like our other client companies, Pacific Life places a high value on their SPDs as both compliance and employee communications documents. HighRoads is pleased to support Pacific Life’s ongoing emphasis on supporting its employees with complete, accurate and understandable DOL required documents.”