OnlineBenefits Simplifies SPD Compliance; Benergy's new `wrapper' helps companies comply with DOL regulations.Business Editors/High-Tech Writers UNIONDALE, N.Y.--(BUSINESS WIRE)--Dec. 5, 2002 OnlineBenefits, Inc., the leading provider of Internet-based employee benefit communications, added a unique tool to its Benergy communication platform that enables companies to easily gather and publicize the benefit plan facts required by the Department of Labor (DOL DOL - Display Oriented Language. Subsystem of DOCUS. Sammet 1969, p.678. ). Often employers regard the boilerplate A phrase or body of text used verbatim in different documents such as a signature at the end of a letter. Boilerplate is widely used in the legal profession as many paragraphs are used over and over in agreements with little modification or no modification. insurance booklets distributed by benefit providers as complete summary plan descriptions (SPDs). Because of the generic nature of these documents, they typically lack certain mandatory disclosure items, such as ERISA See Employee Retirement Income Security Act. ERISA See Employee Retirement Income Security Act (ERISA). rights, claims procedures, COBRA and HMO HMO health maintenance organization. HMO n. A corporation that is financed by insurance premiums and has member physicians and professional staff who provide curative and preventive medicine within certain financial, information, etc. Benergy's new "required information wrapper" fills the gap. It guides a company through the process of compiling and organizing DOL-required information into a web page that wraps around a benefit summary to generate a complete SPD (Serial Presence Detect) The method used by DIMM memory modules to communicate their capacity and features to the computer. Data such as manufacturer, size, speed, voltage and row and column addresses are stored in an EEPROM chip on the module. . To create the wrapper, an employer steps through an online questionnaire and enters information such as employer ID number, plan sponsor contact information, etc. OnlineBenefits also supplies sample language that an employer can edit as needed, including wording for ERISA rights, claims procedures and more. The result is that, with proper legal approval, a complete SPD can be distributed electronically through Benergy. "It's likely that many mid-sized employers are not in perfect compliance because they are not giving employees all of the information required for an SPD," said Alan Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of OnlineBenefits. "The required information wrapper combines strong content with Benergy's technology to make compliance a simple five-minute exercise." About OnlineBenefits OnlineBenefits, Inc. designs, implements and hosts Internet-based applications that enable employees to learn about, plan for and enroll in benefits. Benergy is an Internet application that creates and maintains customized websites for employee communications. OnlineBenefits customers include employers of all sizes, insurance brokers and vendors who provide benefit services and products to their clients. Currently, over 2,200 employers and over 600,000 users have access to Benergy. Visit www.onlinebenefits.com. |
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