Summary plan description

(redirected from Summary Plan Descriptions)
Also found in: Medical.

Summary plan description (SPD)

A document that explains the fundamental features of an employer's defined benefit or defined contribution plan, including eligibility requirements, contribution formulas, vesting schedules, benefit calculations, and distribution options. ERISA requires that the SPD be easy to understand and that each participant receive a copy within 90 days of joining the plan.

Summary Plan Description

A statement of the terms and conditions of a pension or other retirement account. It states all benefits, restrictions, and other relevant information. An employer must give a summary plan description to an employee before that employee enrolls in an employer-sponsored retirement plan.
Mentioned in ?
References in periodicals archive ?
Ben has extensive experience drafting plan documents, amendments, fiduciary committee meeting minutes, summary plan descriptions and other participant communications.
Employers should: (1) assess the desire and/or feasibility of applying the Windsor decision for periods prior to June 26,2013; (2) determine whether the state of domicile or state of celebration rules will be used for the period between June 26,2013 and September 15, 2013; (3) work with payroll and plan vendors to make system adjustments; and (4) review retirement plan documents to determine whether summary plan descriptions and other materials need to be updated.
The form is limited to four pages, a glossary of health care terms, and is ancillary to summary plan descriptions (SPDs).
Cigna and its impact on Summary Plan Descriptions and expanded Section 502(a)(3) equitable claims
These changes will require amendments to flexible benefit plan documents and summary plan descriptions before June 30, 2011.
Reviewing plan documents, summary plan descriptions, administrative procedures, and forms for clarity and consistency, as well as compliance with the applicable law and with the plan's terms
He provides a compliance calendar and describes plans subject to ERISA, exemptions and electronic distribution, annual reports, Pension Benefit Guaranty Corporation reporting requirements, summary plan descriptions, material modifications, and pension and health plans.
The plan administrator must give all employees summary plan descriptions detailing eligibility requirements, benefits and election alternatives.
Most carriers will provide their summary plan descriptions or certificates of coverage electronically.
The letter asked for numerous forms and documents, including plan documents, summary plan descriptions, tax returns, annual reports, audited financial statements, board and committee minutes, fidelity bonds, service provider agreements and more.
With this platform, employees can access benefit forms, summary plan descriptions and other educational material, receive coverage the day they are eligible and make status adjustments immediately.

Full browser ?