SPD Language, Modification and Termination Power | Practical Law
A Standard Clause to be included in the summary plan description (SPD) of an employee benefit plan governed by the Employee Retirement Income Security Act of 1974 (ERISA). This language preserves the plan sponsor's power and authority to amend, modify, and terminate the plan in its sole discretion. This Standard Clause has integrated notes with important explanations and drafting tips.