Summary Plan Descriptions

FREE for Members of MichBusiness

The Employer Retirement Income Security Act (ERISA) guidelines make it mandatory for all businesses with two or more employees to provide all employees with a compliant Summary Plan Description (SPD). We continue to take a leading role in informing and helping our members meet their obligations under ERISA.

Trailblazer Perk!

SPDs are available to Trailblazers At NO COST on a yearly basis!

Click to view key facts needed to process an SPD.

ACA Requirement

ERISA mandates all companies maintain a summary plan description.

Federal Law

An SPD ANNUAL NOTICE must be given to employees annually by Federal Law.

ERISA legal requirement

Summary of Materials Modifications allows employers to edit an existing (SPD).

What is a Summary Plan Description Document?

An SPD is a document that is provided to plan participants to explain the plan’s benefits, claims review procedures and participants’ rights. The booklet issued by the insurance company is not the equivalent to an SPD, and as such does not fulfill the requirement. An SPD must be written in a manner that is understood by the average plan participant and must inform the participant of his or her rights and obligations under the plan.

Participants must receive an SPD:

Within 120 days of the plan becoming subject to ERISA (for example, a new group health plan);
Within 90 days of enrollment, for new participants
Within 30 days of a participant’s written request for an SPD
Every five years, if material modifications are made during that period
Every 10 years, if no amendments occur.

SPD wrap document includes:

Medical
Long Term Disability
Short Term Disability
Life & AD&D
Freestanding Dental/Vision

1. Create

Our intuitive document creator walks you through submitting the necessary information. Need a break? You can resume the process any time.

2. Review

Download a proof of your customized summary plan description document at any time.

3. Complete

Once approved, download the finalized legal version of the document, and disseminate it to your staff.

Who Needs an SPD?

Companies with Group Health Plans
All group health plans subject to ERISA must provide participants with an SPD, regardless of size.
All Plans Regardless of Funding
Both insured and self-funded group health plans must comply with ERISA’s SPD requirements.
All Companies, Regardless of Size
The ERISA exceptions that affect group health plans with less than 100 plan participants in regards to reporting requirements does not apply to SPDs.

Get Started Now!

Build your SPD online through our secured portal with step-by-step instructions and the MichBusiness team is available to assist with your questions.

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