Summary plan description

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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.
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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.
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.

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