(1) The original temporary rules limited electronic disclosure to summary plan descriptions
, summaries of material modifications, and summary annual reports.
Simplified reporting to plan participants, who receive only one benefit statement, summary annual report and summary plan description
ERISA fiduciaries must ensure that plan and trust documents and summary plan descriptions
fully comply with applicable laws and reflect actual plan operation.
Summary Plan Description
(only upon request of the DOL) (see Q 89);
Certain aspects of the notice may now cross-reference the summary plan description
The plan should have available (formerly, the description was required to be filed with the Department of Labor) a Summary Plan Description
. The trust must file annually Form 1041, US.
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.
At a minimum, practitioners should have a synopsis or copies of applicable cases with relevant sections highlighted, evidence supporting the discount rate used, a copy of the plan, the summary plan description
, copies of all company-provided documents they relied on, life expectancy tables, mortality tables, correspondence and the valuation itself
In other words, there would need to be only one plan document and summary plan description
(SPD), as well as one Form 5500 filed per year.
Among them: (1) that Verizon violated ERISA Section 102(b) by not disclosing in its summary plan description
that it retained the right to transfer its pension obligations to a life insurance company; (2) that Verizon breached its fiduciary duties, in violation of ERISA Section 404(a)(1); and that (3) Verizon violated ERISA Section 510 by discriminating against the group of affected retires to interfere with their rights under the plan.
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
The summary plan description
(SPD) typically is silent with respect to the rights of ERISA fiduciaries in conversions.