Benefit
As an employer, what are my obligations relating to employee welfare benefit plan disclosures?Under the Employee Retirement Income Security act (ERISA), all employers with Employee Welfare Benefit Plans (Health, Life, Disability & Other) are required to maintain and distribute a Summary Plan Description (SPD) to its participants. The SPD outlines the eligibility, schedule of benefits and covered/excluded items of an employee benefit plan offered by an employer. While insurers and welfare organizations may supply materials that contain much of the required information, they do not generally include all of the provisions mandated under the SPD regulations.
The U.S. Department of Labor (DOL) monitors compliance. If an SPD is not current with the required provisions the employer could be subject to civil penalties in a DOL audit.
What does the term "welfare benefit plan" mean?
"Welfare benefit plan" refers to health, life, disability and other benefits provided to employees through a sponsored plan. Welfare benefit plans do not include retirement, 401k or profit sharing type plans.
Do the SPD reporting requirements impact all employers?
If an employer is a church or a governmental employer, ERISA and the SPD requirements do not apply.
What are the employee notification requirements?
An SPD must be prepared and distributed by employers to participants for all employer-sponsored group health and welfare plans (health, life, disability and other welfare plans) within 120 days after the plan is established. Subsequently eligible individuals must be provided a copy of the SPD no later than 90 days after becoming a participant.
What if we already have an SPD?
SPD regulations have been effective for many years. However, periodically the DOL issues amendments to the regulation requiring that additional information be contained in an SPD. Failure to update an SPD to include these periodic amendments may cause an employer to be in a state of non-compliance.
How can Sterling assist employer groups in fulfilling their SPD compliance obligations?
Part of our commitment to our clients includes helping them find the resources they need to fulfill their compliance obligations.
Does an SPD work for all types of plans?
The template should be designed to include the disclosures required by the Department of Labor (DOL) for fully-insured benefit plans. It is important that employers ensure that the participants understand and read the SPD together with the benefit information and certificates provided by insurance companies for each type of coverage. Employers should ensure that participants have the current version of their health insurer's booklet(s) describing the benefits provided under their contract. Employers should consult directly with an attorney regarding satisfying the SPD requirements for self-insured plans.
What if the employer's plan covers union employees or retirees?
Additional language is required for plans covering union employees. Further, if the employer provides retiree coverage, the document must describe the specific rights under the retiree plan and its impact on COBRA. Employers should consult with an attorney regarding the appropriate completion of a summary plan description for union employees or retirees.
What if current benefit materials have already been distributed to my employees?
Employers may have already distributed this current plan information and should ensure that employees understand and attach the SPD to the previously distributed materials.
Who should clients call for support?
Sterling's employee benefit team assists clients with any questions regarding the use and distribution of plan materials, however Sterling cannot provide information specific to the employer-sponsored plan. We recommend employers seek legal counsel for consultation.
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Property & Casualty
Why do I need auto insurance coverage?Having auto insurance coverage can help protect the people and things that are important to you. From liability coverages that help protect you to comprehensive coverage that helps protect the investment in your new car, quality auto insurance coverage is the foundation of a good financial plan.
Car insurance can help:
- Safeguard your investment in your automobile
- Pay for medical expenses in case of an accident
- Provide financial protection from lawsuits
- Cover losses caused by uninsured or underinsured drivers
- Pay for damage due to theft, vandalism or natural disasters
- Auto insurance coverage helps you to meet whatever might be coming down the road with a greater peace of mind.
Remember, however, not all coverages are the same. When determining what kind of auto insurance coverage applies to you, consider your specific situation. Different types of coverage options and limits fit the different needs a person might have. When you have all the information you're looking for, get an online car insurance quote.
What should I consider when choosing car insurance?
We understand. Auto insurance coverage needs vary depending on your situation. If you have a motorcycle, the insurance options you should consider will be different than if you're adding a teen to your car insurance policy. A new car requires different considerations than an older one.
In the scenarios listed below, we provide an overview of the auto insurance coverages you should consider. In addition to explaining the coverage considerations, we've even included information on the savings and discounts you may qualify for.
What should I consider? I’m buying my first car.
It's an exciting time. But be sure you know what to consider before you make that car purchase. Here are some things to think about.
New or used?
First, are you buying a new or used car? It can make a difference on your insurance choices. Also, check out how safe it is. The safer the car, the more you could save on your car insurance premium.
Do you qualify for auto insurance discounts?
You may be able to save even more if you qualify for any additional car insurance discounts, like Good Student, Resident Student, or Economy Car discounts.
Finally, consider the type and amount of coverage you'll need, as well as your deductibles and limits.
Protect yourself and others.
To pay for medical treatment for yourself and your passengers in case of a covered accident, make sure you carry adequate protection. Besides typical health insurance, that might include: Medical Payments Coverage, Uninsured and Underinsured Motorist Coverage and Personal Injury Protection (not available in all states). You should also be sure you have adequate protection for injuries or damages you might cause others in a covered accident by carrying an appropriate amount of Liability Coverage.
Protect your new car.
In case something happens to damage your car, make sure you have Collision and Comprehensive coverages. These coverages pay for covered damages to your car from an accident, theft, vandalism or natural disasters, among others.
What should I consider? I've got an older car.
No matter how old your car is, it’s important to carry car insurance. So, here are some things to think about.
Protect yourself and others.
To pay for medical treatment for yourself and your passengers in case of a covered accident, make sure you carry adequate protection. Besides typical health insurance, that might include Medical Payments Coverage, Uninsured and Underinsured Motorists Coverages, and (in some states) Personal Injury Protection. An agent can help you choose the coverages that might be right for you. You should also be sure you have adequate protection for injuries or damages you might cause others in a covered accident by carrying an appropriate amount of Liability Coverage.
Save on your premium.
If you currently carry Collision and Comprehensive coverages, both of which pay for covered damages to your car, you might consider dropping the coverages entirely. Also, you can think about setting higher deductibles for Collision and Comprehensive coverages.
Be prepared. With an older car you never know when you might encounter car trouble. That’s why you should consider Towing and Labor Costs Coverage on your auto insurance.
Enjoy peace of mind knowing there is a car insurance company there to help you. Find out more about discounts available to you and how you can get an auto quote.
What should I consider? Teen Driver
When Your Teen Takes the Wheel
Since teens lack driving experience, they’re a higher risk to insure; therefore, the premiums assigned to them are typically higher than an adult. However, there are steps you and your teen can take to help reduce rates:
- Keep a clean driving record
- Drive a safe car
- Raise policy deductibles
- Take advantage of insurance discounts
Safety and Your Teen Driver
If you’re thinking about buying a car for your teen, look into different auto safety ratings first. Since teens are much more likely to have a crash than adult drivers, choosing a car with safety features will not only give you peace of mind but also help reduce your premium cost.
Graduated licensing laws may vary state-by-state but they’re all designed to restrict driving privileges for teens, until they gain experience on the road. Typical provisions of graduated licensing are as follows:
- Learner’s permit or intermediate license requirements
- Nighttime driving restrictions
- Required hours of adult supervision while driving
- Suspension of driving privileges with a crash
- Additional training requirements after a crash or ticket
- Seat belt requirements for drivers and passengers
- Restrictions on the number of passengers allowed in a car
- Mandatory driver education
- Tougher drunk-driving penalties
Creating Guidelines for Your Teen Driver
Even after receiving their license, some teens are not prepared for driving on their own. Only you can decide when your teen is ready to drive without adult supervision. While they’re learning, you can help keep them safe by setting rules about when, where, how and with whom they may drive.
- Put a limit on the number of passengers in the car. Teens are likely to have more trouble focusing on the road with laughter, music, food and other distractions, all of which increase with the number of passengers.
- Establish and enforce a house curfew. Check with your local police department to see if your town has a curfew for minors. If not, set your own.
- Insist that your teen and his or her passengers always use seat belts. Teens tend to use their seat belts less often than other drivers. Remind your teen that the presence of airbags does not mean he or she can ignore seat belts.
- Make sure your teen keeps the cell phone turned off. Teens may love talking on the phone, but doing it while driving is a dangerous distraction, and in more and more places, it may be illegal.
- Limit or supervise your teen’s driving during times of high risk. The highest number of driving crashes occur Friday and Saturday nights and early on Saturday and Sunday mornings.
- Set driving area limits. If your teen wants to travel outside your town or city, require that he or she request special permission.
- Prohibit driving or riding with others under the influence of drugs or alcohol. In addition to the possibility of legal consequences, tell your teen you will revoke driving privileges for a given amount of time.
What should I consider? I'm just shopping around.
Sometimes it can pay to review your car insurance situation and ask, "Am I getting an excellent product and service at a fair price?" After all, no matter what your situation is, there are several things you should think about when looking at car insurance.
First, if you’re involved in an accident, it’s important that you have sufficient coverage to protect yourself and your family. Specifically, carrying appropriate Liability coverage limits will help give you peace of mind.
Next, it’s important that you choose the right coverages to protect a major investment like your car. Collision and Comprehensive coverages can help provide this protection.
Finally, determine if you can save money on your auto insurance premium. One way is by adjusting your coverage limits and deductibles to get the protection you that you feel is right for you. Also check out if you qualify for discounts. You might be surprised at just how much you can save.
Now, you’re ready to get an auto quote!
Having auto insurance coverage can help protect the people and things that are important to you. From liability coverages that help protect you to comprehensive coverage that helps protect the investment in your new car, quality auto insurance coverage is the foundation of a good financial plan.
Car insurance can help:
- Safeguard your investment in your automobile
- Pay for medical expenses in case of an accident
- Provide financial protection from lawsuits
- Cover losses caused by uninsured or underinsured drivers
- Pay for damage due to theft, vandalism or natural disasters
- Auto insurance coverage helps you to meet whatever might be coming down the road with a greater peace of mind.
Remember, however, not all coverages are the same. When determining what kind of auto insurance coverage applies to you, consider your specific situation. Different types of coverage options and limits fit the different needs a person might have. When you have all the information you're looking for, get an online car insurance quote.
What are my car insurance coverage options?
Understanding the types of car insurance coverage options will help you make choices that you feel are right for you. Learn how liability, property and injury protections can help protect you from loss, damage and lawsuits and how limits and deductibles work. Discover what new bundled features – like Accident Forgiveness and Deductible Rewards – might be available to you. Compare auto insurance coverage options below and then get an online car insurance quote. Or, find out more about motorcycle insurance.
Auto Insurance Liability Coverages: Protect yourself and others with liability coverages*
Liability Coverage – typically helps protect you for damages to others if you’re at fault in a covered accident.
Medical Payments Coverage – typically helps provide payment for your reasonable and necessary medical treatment for bodily injury caused by a covered accident.
Underinsured/Unisured Motorist Coverage – typically helps protect you for covered damage caused by drivers who don’t have auto insurance or don’t carry enough auto insurance.
Auto Insurance Property Coverages: Protect your car with property coverages*
Collision Coverage - typically helps pay to repair or replace your insured car after a covered accident.
Comprehensive Coverage – typically helps pay for covered damages to your insured car resulting from a peril other than a collision, such as theft, windstorm or flood, to name a few.
Additional Auto Insurance Coverages: Protect your assets with additional coverages*
Personal Injury Protection
Additional coverage options – Optional coverages such as Towing & Labor Costs* and Tape/CD Coverage* can help tailor your coverage to help fit your particular needs.
What about car insurance discounts and savings?
Sterling has many car insurance discounts available that can help reduce your car insurance rates. Depending on your auto, policy type, coverages purchased and the state in which the policy is written, you may be eligible for one or more car insurance discounts below. The following is a summary of some of the discounts offered in the majority of states. Please read the Note that follows this list regarding the availability, qualifications and amounts of these discounts.
Auto Insurance Discounts for Responsible/Safe Drivers*
- Clean Driver Discount
You may be eligible for this car insurance discount if all the drivers to be insured have had no accidents and no chargeable violations within the past three (3) years. In addition, you and all the drivers to be insured must have maintained continuous standard automobile liability insurance for the past three (3) years. Drivers, who have obtained a driver's license within the past three years, must meet the above criteria from the date the license was obtained.
Auto Insurance Discounts for Valued Customers*
- Multiple Policy Discount
You might save up to 15% on your car insurance if you also carry your property insurance with us. That could be a homeowners, condominium, mobile home, or (in some states) renters policy.
Auto Insurance Discounts for Safe Cars*
- Passive Restraint Systems (airbags/seatbelts) Discount
You could save on your auto insurance if your car is equipped with airbags or factory-installed motorized seatbelts. - Anti-Lock Brake Discount
If your car has an automatic factory-installed four-wheel anti-lock braking system (ABS), you could save on your auto insurance premium. - Anti-Theft Device Discount
In certain states, you could save if your car is equipped with certain anti-theft devices.
Other Auto Insurance Discounts*
- Good Student Discount
If you are a full-time student who meets certain grade requirements and are under age 25 (in some states the age is 21) and unmarried, you could save money on your car insurance. - Senior Adult Discount
You could save on your Personal Injury Protection (PIP) coverage if more than 25% of the estimated mileage driven on your car is by anyone 65 years of age or older. (PIP coverage and this discount are not available in all states.) - 55 and Retired Discount
If you are 55 or older and not employed full time, you could save money on your car insurance. - New Car Discount
This discount may apply when you insure a brand new (never previously titled) vehicle. Eligibility and amount of the discount will depend on the model year of the vehicle and your state. - Economy Car Discount
If you own a certain type of economy car, you could save on your auto insurance. - Utility Vehicle Discount
You could save on your auto insurance if you own a certain type of pickup truck. - Resident Student Discount
If there is a restricted driver on your policy under age 21 who lives at school over 100 miles from home, you could save money on your car insurance policy. - Farm Discount
This discount applies to autos used principally by a person or persons residing on a farm, ranch or orchard, provided the vehicle is not customarily used driving to and from work other than farming or ranching. The operator's principal profession must be farming or ranching.
In addition to great service and reliability, you’ll get value for your money by purchasing a policy from through Sterling. With auto discounts for safe cars and good students, you’ll be surprised how much you could save. Fill out our form online to get an auto insurance quote and find out if working with Sterling could save you money.
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