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What is a "WRAP PLAN" ?

A Wrap Plan is when all employer-sponsored benefits are brought together under one Wrap Document. The Wrap plan requires its own Plan Number (independent, 500 series number), has it's own Plan effective date and may encompass all the employee benefits provided by the Employer. The Wrap Plan is then used to determine what the Form 5500 reporting date is and the requirements for reporting are based on all benefits under the Wrap Plan. IE, this may cause the participant count for all the benefits in totality to be over 100*, requiring the Form 5500 filing. -- * Participant count based on current regulations.

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