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Summary Plan Description (SPD) Toolkit
Practical Law Toolkit 3-519-2530 (Approx. 13 pages)
Summary Plan Description (SPD) Toolkit
by Practical Law Employee Benefits & Executive Compensation
| Maintained • USA (National/Federal) |
A collection of resources to help employers comply with the rules governing summary plan descriptions (SPDs) for employee benefit plans under the Employee Retirement Income Security Act of 1974 (ERISA). This Toolkit also provides links to standard clauses containing model SPD language.
The Employee Retirement Income Security Act of 1974 (ERISA) requires plan administrators of employee benefit plans to provide a summary plan description (SPD) to plan participants and beneficiaries. An SPD must describe individuals' rights, benefits, and responsibilities under the plan in easily understandable language and must provide certain information, including:
- The plan's requirements regarding eligibility for benefits.
- A description of the benefits offered under the plan and when participants have a right to those benefits.
- Claims and appeals procedures for disputing denied benefit claims.
- For pension plans, a statement about whether the plan is covered by termination insurance from the Pension Benefit Guaranty Corporation (PBGC).
For more information on these requirements, see the following companion resources:
SPDs generally must be provided to participants within 90 days of the date when they first become covered by the plan and to participants and beneficiaries every five years after the SPD is initially provided, assuming the plan terms have changed during that time. If the plan is amended before the next SPD must be provided, the plan administrator must provide a summary of material modification (SMM) summarizing any material changes in the plan terms within 210 days after the end of the plan year during which the plan was changed.
This SPD Toolkit contains continuously maintained resources designed to assist in drafting and reviewing SPDs for employee benefit plans, including model SPD clauses.