Summary plan description

(redirected from Summary Plan Descriptions)

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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
Mentioned in ?
References in periodicals archive ?
Another letter would be sent saying what plans the plaintiffs are covered under and provide the summary plan descriptions (SPD).
The Birmingham, Alabama-based company also works with employers to produce ACA Summary of Benefits and Coverage notices; traditional Summary Plan Descriptions (SPDs) for all benefit plans governed by the Employee Retirement Income Security Act; and many other types of employee communication materials.
At a minimum, the experts wrote in a blog post, these may include trust documents, summary plan descriptions (SPDs), written minutes of committee meetings, current vendor service agreements, investment performance reports, enrollment reports, participant educational material, procedural manuals and Form 5500 paperwork.
Counsel should update any and all relevant ERISA plan documents, summary plan descriptions, wrap documents, claims forms, denial letters, and internal processes and procedures to comply with the Final Rule.
Buckey is a vice president at Birmingham, Alabama-based Enrollment Advisors L.L.C., a company that helps large employers with tasks such as meeting the federal requirements for preparing, and distributing, summary plan descriptions.
Ben has extensive experience drafting plan documents, amendments, fiduciary committee meeting minutes, summary plan descriptions and other participant communications.
Elliot says employers seeking to implement the rollover provision should work with the TPAs to update their company health plan documents and summary plan descriptions, in order to make sure that those documents reflect the FSA changes.
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.
* Are Summary Plan Descriptions provided to plan participants?
The form is limited to four pages, a glossary of health care terms, and is ancillary to summary plan descriptions (SPDs).
These changes will require amendments to flexible benefit plan documents and summary plan descriptions before June 30, 2011.

Full browser ?