Is it Time to Update and Restate Your Summary Plan Description?
A Summary Plan Description, often referred to as an “SPD”, is a document intended to clearly describe and explain the important provisions of an employee benefit plan. The SPD must be written in such a way that the average employee will understand the benefits, rights and rules of the plan. The SPD must include items such as the name of the plan, the address of the plan sponsor, the type of plan, the type of plan administration, a description of the participation and eligibility requirements, and a description of the benefits provided under the plan. This list is not exhaustive, but is included to provide guidance as to the type of information that is required content for an SPD. T he Employee Retirement Income Security Act of 1974 (“ERISA”) imposes strict deadlines with regard to when an SPD must be provided to participants and beneficiaries. ERISA also imposes a timeline for regular updates and required restatements of an SPD. We have included a brief overview of those rules b...