What must be included in a summary plan description?

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.

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Summary Plan Description Checklist

Summary Plan Description Checklist For Distribution

Name: Summary Plan Description Checklist For Distribution
Brand: US Legal Forms
Rating: 4.69 (207 reviews)

Category:

Employment - Benefits

State:

Multi-State

Control #:

US-352EM

Format:

Instant download

Description Plan Summary Service

This form may be used to make sure that a company's summary plan description contains the required information.

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How to fill out Summary Plan Description Checklist For Distribution?

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FAQ

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.

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

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 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.

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.

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In addition to the above requirements, the following information is required to be in the Summary Plan Description (SPD). Date Complete. Initials.Summary of an ERISA 403(b) plan's annual requirements. Communicated to plan participants through an updated summary plan description (SPD) or a summary of material modifications (SMM). Completing the GIC Form-1. Check your plan documents file. Ideally you should keep a copy of every plan document that was ever adopted for your plan. QIf subject to ERISA, do you have a process for providing plan participants with Summary Plan Descriptions (SPDs),.

Summary Plan Description Checklist For Distribution

Description Plan Summary Service

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FAQ

Can SPDs be distributed electronically?

What is a summary plan description report?

Can summary plan descriptions be distributed electronically?

How often does a summary plan description need to be distributed?

What must be included in a summary plan description?

Interesting Questions

What is a Summary Plan Description (SPD)?

Why is an SPD important for employees?

What should be included in an SPD?

Is an SPD required by law?

Who should receive an SPD?

How often should an SPD be updated?

What are some common mistakes employers make when preparing an SPD?

Can an SPD be provided electronically to employees?

What should employees do if they have questions or need clarification about the SPD?

Can an employer be fined for not providing an SPD?

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Summary Plan Description Checklist For Distribution

Description Plan Summary Service

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