Oakland Michigan Summary Plan Description Checklist
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How to fill out Summary Plan Description Checklist?
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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.
An SPD must contain all of the following information: The plan name. The plan sponsor/employer's name and address. The plan sponsor's EIN. The plan administrator's name, address, and phone number. Designation of any named fiduciaries, if other than the plan administrator, e.g., claim fiduciary.
The plan document is a written document that describes the participant's rights, benefits, and obligations within the plan, as well as the plan's terms and conditions for administering the plan. The plan document should include the Trust Agreement (if applicable) and Insurance Contract(s).
A summary plan description (SPD) is a comprehensive document given to retirement plan participants and beneficiaries that outlines the retirement plan's provisions, benefits, and responsibilities under the plan, meant to be easily understood by plan participants.
Here are a few guidelines to follow when writing up a summary plan description: Understand the federal and state laws and their impacts on the employer/employee. Evaluate the plan's financial impact. Use the correct legal language. Write the document in a way that is easy to understand, using everyday language.
The summary plan description is an important document that tells participants what the plan provides and how it operates. It provides information on when an employee can begin to participate in the plan and how to file a claim for benefits.
The SPD must contain the following information: Name of Plan. Name & Address of Employer. Plan Sponsor's EIN. Plan Number. Type of Plan (medical, FSA, disability, etc.) Type of plan administration (insurer, contract, etc.) Plan administrator's name address & telephone number.
This is the responsibility of the plan administrator. The insurance carriers typically provide employers with a master contract, certificate of coverage or summary of benefits, and employers may mistakenly assume this meets the ERISA requirement.
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.