The Affordable Care Act is creating plenty of work for the benefit plan administrators in charge of updating summary plan descriptions (SPDs).
HighRoads Inc., Woburn, Mass., surveyed 300 Fortune 1000 companies and found that more than 70% intend to update benefit program SPDs to prepare for plan design changes within the next year.
The percentage of participants who said the biggest challenge they face in producing SPDs is staff, time, budget and other resources has increased to 58%, up from 50% a year ago.
The percentage who said managing the SPD review process is the biggest hurdle has increased to 21%, from 15%.
The typical in-house SPD staff has about 2 to 5 employees, and 71% of survey participants said they are not sure how much their companies spend on creating, storing and distributing SPDs.