Plan providers are usually invited to inform plan participants about the financial planning tools available to them and to discuss their summary plan descriptions
That includes IRS determination letters, plan and trust documents, including all amendments, Forms 5500, summary plan descriptions
and summary annual reports.
Prepare and furnish to participants an updated summary plan description
or material modification summary.
1) To provide all new members with a summary plan description
, written clearly and simply, summarizing the provisions of the benefit plans.
Reading the summary plan description
, internal memorandums and union contracts.
The application automates collection of vendor information, compares vendor performance data with contractual performance guarantees, and manages the creation, maintenance, and storage of summary plan description
Your Summary Plan Description
(SPD) will address many of these issues in depth; however, most employees will not read a SPD.
The plan should have available (formerly, the description was required to be filed with the Department of Labor) a Summary Plan Description
If the company does not make this simple statement, either in the summary plan description
or elsewhere, it has ongoing liability as "co-fiduciary" for employee-directed investments.
Gross assists clients with health and welfare plan design, implementation, and compliance with a focus on HIPAA privacy regulations, DOL claims procedure regulations, and summary plan description
Revise your initial and qualifying event notices to comply with the new regulations - Update your health plan COBRA procedures and Summary Plan Description
(SPD) to comply with the "reasonable procedure requirement" covering qualified beneficiaries, and - Create new notices for unavailability of coverage and early termination of coverage
Employer benefits--While benefit descriptions may attract employees, employers need to reserve the right to modify or eliminate benefits as well as clearly stating that the summary plan description
and/or plan document for the particular benefit controls in the event of any conflict with the employee handbook description.