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The following information is taken from the Department of Labor’s (DOL) “Reporting and Disclosure Guide for Employee Benefit Plans.”
Basic Disclosure Requirements Concerning the Summary Plan Description (SPD)
Type of Information. The SPD is the primary vehicle for informing participants and beneficiaries about their plan and how it operates. Must be written for average participant and be sufficiently comprehensive to apprise covered persons of their benefits, rights, and obligations under the plan. It must accurately reflect the plan’s contents as of the date not earlier than 120 days before the date the SPD is disclosed. See 29 CFR §§ 2520.102-2 and 2520.102-3 for style, format, and content requirements.
To Whom They Go. SPDs go to participants and those pension plan beneficiaries receiving benefits.
When SPDs Are Sent. SPDs are sent automatically to participants within 90 days of becoming covered by the plan and to pension plan beneficiaries within 90 days after first receiving benefits. However, a plan has 120 days after becoming subject to ERISA to distribute the SPD. Updated SPD must be furnished every five years if changes made to SPD information or plan is amended.
Otherwise they must be furnished every 10 years. See 29 CFR § 2520.104b-2.
The following information is taken from the Department of Labor’s (DOL) “Reporting and Disclosure Guide for Employee Benefit Plans.”
Basic Disclosure Requirements Concerning the Summary Plan Description (SPD)
Type of Information. The SPD is the primary vehicle for informing participants and beneficiaries about their plan and how it operates. Must be written for average participant and be sufficiently comprehensive to apprise covered persons of their benefits, rights, and obligations under the plan. It must accurately reflect the plan’s contents as of the date not earlier than 120 days before the date the SPD is disclosed. See 29 CFR §§ 2520.102-2 and 2520.102-3 for style, format, and content requirements.
To Whom They Go. SPDs go to participants and those pension plan beneficiaries receiving benefits.
When SPDs Are Sent. SPDs are sent automatically to participants within 90 days of becoming covered by the plan and to pension plan beneficiaries within 90 days after first receiving benefits. However, a plan has 120 days after becoming subject to ERISA to distribute the SPD. Updated SPD must be furnished every five years if changes made to SPD information or plan is amended.
Otherwise they must be furnished every 10 years. See 29 CFR § 2520.104b-2.
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