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The Employer Retirement Income Security Act (ERISA) has developed guidelines that make it mandatory for all businesses with 2 or more employees to provide their employees with a Summary Plan Description (SPD). We continue to take a leading role in informing and helping our members meet their obligations under ERISA.
ERISA mandates all companies maintain a summary plan description.
An SPD ANNUAL NOTICE must be given to employees annually by Federal Law.
Summary of Materials Modifications allows employers to edit an existing (SPD).
What is a Summary Plan Description Document?
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; or
- Every 10 years, if no amendments occur.
SPDs are available to Trailblazers At NO COST on a yearly basis!
Download a proof of your customized summary plan description document at any time.
Once approved, download the finalized legal version of the document, and disseminate it to your staff.
Who Needs an SPD?
All group health plans subject to ERISA must provide participants with an SPD, regardless of size.
- Both insured and self-funded group health plans must comply with ERISA’s SPD requirements.
- The ERISA exceptions that affect group health plans with less than 100 plan participants in regards to reporting requirements does not apply to SPDs.