The court ruled that the employer could have unilaterally terminated the retiree health benefits outside of or before bankruptcy, pursuant to the summary plan descriptions
at both plants, and Congress did not intend for the RBBPA to limit that right.
Plan providers are usually invited to inform plan participants about the financial planning tools available to them and to discuss their summary plan descriptions
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.
Summary plan descriptions
(SPDs) furnished by the employer are the main source used in the benefits survey.
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.
The new rule requires plan sponsors to include additional details in the summary plan descriptions
(SPD) distributed to plan participants and beneficiaries.
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.
Despite the fact that employers are bringing more paper-heavy processes online, summary plan descriptions
for employee benefits are still distributed the old-fashioned way.
Brochures of plan highlights, participant statements, benefit newsletters, summary plan descriptions
, and investment reports all and investment reports all are good forms of communication.
This piece can fill a number of roles: a promotional piece on the plan; an interim reference before summary plan descriptions
are available; background for enrollment, if the ESOP is part of a 401(k) plan; a nice meeting handout, if meetings are held; ongoing use with prospective employees, new hires, and newly eligible employees.
The HighRoads solution enabled Dell to successfully complete all of its required Summary Plan Descriptions
(SPDs) and self-insured Summary of Benefits and Coverage (SBC) documents, on time and in compliance.