Summary Plan Description Checklist For Distribution
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How to fill out Summary Plan Description Checklist For Distribution?
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The plan describes the program benefits and how the plan works. The plan must answer specific questions such as the plan name, the plan's IRS-assigned number, the employer's name and address, and a statement of health and accountability rights.
The SPD also must be distributed to beneficiaries under the plan within 90 days of them becoming entitled to benefits. If there have been changes to the plan, an updated SPD must be issued at least every five years. If the plan has not had any changes, an updated SPD must be issued at least every 10 years.
SPDs can be distributed electronically as indicated in CFR § 2520.104b-1 Section (c) Disclosure through electronic media, under certain specific circumstances. It is recommended that when distributing SPDs electronically, a plan administrator has a mechanism that ensures the SPD is actually received by the participant.
The Summary Plan Description (SPD) is one of the important 401(k) plan documents that provides plan participants (and their beneficiaries) with the most important details of their benefit plan, like eligibility requirements or participation dates, benefit calculations, plan management instructions, and general member
Employers may electronically distribute the SPD to employees with the ability to access the electronic media where they perform their job duties. In other words, they use a computer with internet access in their daily work.