Summary Plan Description (SPD)

Summary Plan Description (SPD)

ERISA Documentation & Form 5500

Summary Plan Description (SPD)

Start by listening to the audio cast and then continue with the content below. 

Summary Plan Descriptions (or SPDs) provide a summary of key plan provisions and should be understood by the average plan participant.

Content

Flip

Although there isn’t model language or a set format, the regulations set forth a long, detailed list of SPD content requirements.

Distribution

Flip

SPDs must be distributed to all plan participants

Timing

- Within 90 days after becoming a participant in the plan
- Updated SPDs incorporating any changes must be distributed every 5 years
- SPDs must be distributed every 10 years even if no changes have been made

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