Are there default investments that the money will go to if I don’t select specific investment options? The following information shall be included in the summary plan description of both employee welfare benefit plans and employee pension benefit plans, except as stated otherwise in paragraphs (j) through (n): (a) The name of the plan, and, if different, the name by which the plan is commonly known by its participants and beneficiaries; (1) In the case of a single employer plan, the employer whose employees are covered by the plan. Do I make contributions to the plan, or do all contributions come from my employer? The company may distribute the document to you electronically if you regularly use a computer at work or as a hard copy. 401k Summary Plan Description: Basics, Requirements, and Compliance-- Abstract: The Summary Plan Description is one of the important 401k plan documents that provides plan participants with the most important details of their benefit plan, like eligibility requirements or participation dates, benefit calculations, plan management instructions, and general member responsibilities. When do I become vested in the retirement plan? If so, what are the rules? The offers that appear in this table are from partnerships from which Investopedia receives compensation. Want the full (and we mean full) list of SPD requirements? The plan administrator has to ensure (to a reasonable degree) that the system of distribution will result in plan members actually receiving the 401(k) plan materials. It is important that you understand the Plan requirements and the benefits it can provide. When this happens, the employer must notify all employees in writing by giving them a revised SPD or a summary of material modifications that explains the changes to the SPD. Employer? This Plan is a type of qualified retirement plan commonly referred to as a 401(k) Plan. | Contact Us. You likely know that ERISA was put in place largely to protect employees and their retirement benefit plan interests. hެTۊ�0�����e�p�I[��C74�%j"�c[[ҿ�F�;m��3�htFs; Careful management of any benefit plan is critical for avoiding the stresses and fines associated with a DoL audit. (c) The employer identification number (EIN) assigned by the Internal Revenue Service to the plan sponsor and the plan number assigned by the plan sponsor. Your Summary Plan Description is a Treasure Trove of Information, www.gpo.gov/fdsys/pkg/CFR-2010-title29-vol9/xml/CFR-2010-title29-vol9-sec2520-102-3.xml, 401k Summary Plan Description: Basics, Requirements, and Compliance, Creative Commons Attribution-NoDerivatives 4.0 International License. The SPD is a document employees should thoroughly familiarize themselves with. When employees are eligible to participate in the retirement plan. This is for educational purposes only. | Glossary A 403(b) plan is similar to a 401(k) but is designed for certain employees of public schools and tax-exempt organizations among other differences. How to apply for hardship withdrawals and interest rate calculations for loans. When a plan is significantly modified, participants and beneficiaries must be provided with a revised SPD that reflects the changes. This SPD is a summary of the CenturyLink Union 401(k) Plan document as amended and (ii) A statement that participants and beneficiaries may receive from the plan administrator, upon written request, information as to whether a particular employer is a sponsor of the plan and, if the employer is a plan sponsor, the sponsor's address. This information is not intended to be a substitute for specific individualized tax, legal, or investment planning advice. Failure to provide the 401(k) plan documents (which includes the summary plan description and any summaries of material modification) can result in fees of $147/day – with a maximum of $1,472 per request. Summary Plan Description . healthcare and retirement benefits. endstream endobj startxref This summary plan description (“SPD”) summarizes certain provisions of the Plan. ERISA requires a Summary Plan Description (SPD) be distributed to each plan participant and to each beneficiary receiving benefits under the plan as follows: For existing plans, a new participant must receive a copy of the SPD within 90 days after becoming a participant, and a beneficiary must receive a copy within 90 days after first receiving benefits.
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