The Employee Retirement Income Security Act (ERISA) requires that any employee benefit plan (including group life insurance) meet certain requirements. Among these requirements are:
- The plan must be established and maintained in writing
- The plan documents must provide for one or more named fiduciaries who administer the plan
- The plan document must provide a procedure for amending the plan and specify the basis on which payments are to be made to and from the plan
- Additionally, the plan must provide a claims review procedure.
Reproduced with permission. Copyright The National Underwriter Co. Division of ALM